
News release via Canada NewsWire, Toronto 416-863-9350
Attention Business Editors:
Cogitore acquires major property position near Estrades.
TORONTO, September 17/CNW/ - COGITORE Resources Inc. (the "Company") (WOO: TSX-V) is pleased to report that is has signed an option agreement with IAMGOLD Corporation (“IAMGOLD”) to acquire control of its Caribou project located immediately to the west of the Company’s Estrades properties. About one third of the Caribou property falls within an area of interest defined in the Cogitore-Inmet joint venture agreement and therefore becomes subject to that agreement.
The Agreement allows Cogitore to earn 70% of IAMGOLD’s interest by spending $2 Million in exploration over five years and issuing 100,000 common shares of the Company, including 50,000 shares on signing. IAMGOLD’s interest in the Caribou property is currently at 86% and steadily increasing as a third party’s residual interest is getting diluted. After earning the interest, a 70-30 joint venture will be formed between Cogitore and IAMGOLD. The Agreement also calls for firm expenditure commitments of $200,000 for each of the first two years of the agreement, and for production royalty payments to IAMGOLD if it elects not to participate in a future joint venture.
The Caribou project comprises 306 mining claims covering about 48 square kilometres. It is situated in the general eastern extensions of the Casa-Berardi Mine (2.8M oz Au) which is located within 15 km to the west of the property. The project is also located immediately to the west of the Company’s Estrades properties and covers the western extension of the Estrades mine horizon. With the Caribou project, Cogitore now controls over 20 km of the Estrades mine horizon, which is one of the main focal points of the Company’s exploration efforts. Exploration work done by IAMGOLD and predecessors was focused on gold environments similar to Casa Berardi and led to the discovery at Caribou of gold-bearing structures grading up to 11.5 g/t Au over 1.5 metres. This work also confirmed the presence of the same favourable volcanic package as the one hosting the Estrades deposit. Anomalous zinc and copper values associated with volcanogenic massive sulphide-related hydrothermal alteration have been identified at Caribou and the initial exploration focus will be on these zones.
Gérald Riverin, president of Cogitore, commented: "We are very excited with the Caribou project acquisition as it fits perfectly with our development plans at Estrades and with our strategy of focusing on high quality base metals projects in easily accessible areas. By merging IAMGOLD’s extensive database with the technical data that we have accumulated on our Estrades project over the last two years, Cogitore is in a position to plan and carry out highly effective and exciting exploration programs at Caribou, focusing initially on the Estrades mine horizon”. A line cutting program is already being designed in preparation for a deep penetrating electromagnetic survey planned at Caribou for the coming winter.The Company has developed a strategic focus on base metal exploration in prospective areas that also feature infrastructure favourable for mining development. Accordingly, it focuses its work in the Abitibi Belt of Quebec and Ontario, and in the Central Belt of Newfoundland. The company maintains annual drilling contracts and is adequately funded to drill year-round.
On Behalf of the Board of Directors:
Gérald Riverin, President & CEO
Telephone: 819-764-6666
www.cogitore.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SEDAR: 00020132E. CNW 17-SEP-07 ©2007 Cogitore Resources Inc.