White Knight buys into Nevada property

White Knight Resources (WKR-V) can earn a 51% interest in the New Pass gold property in western Nevada from privately held Quest U.S.A. Resources.

White Knight is required to make option payments totalling US$325,000 by Aug. 31, 2000, and spend US$1.5 million on exploration over four years. In its first year, the company must pay US$21,000 in claim maintenance, US$15,000 as an initial payment and spend US$75,000 on exploration.

Situated in Churchill Cty., the property comprises 211 claims over 4,220 acres.

The property contains a resource of 3.1 million tons grading 0.055 oz. per ton., equivalent to 170,500 contained ounces.

Mineralization, a portion of which is oxidized, is contained in calcareous siltstones of the Triassic Augusta Mountain formation. Previous drilling at New Pass identified a large jasperoid body which strikes north-northwest, dipping shallowly to moderately westward. Selected results from drilling on that

body include: 0.092 oz. over 85 ft.; 0.080 oz. over 120 ft.; 0.232 oz. over 45 ft.; and 0.185 oz. over 35 ft.