June 13, 2007
Arnold Bakie, President of Libby Creek Ventures(TM), Announces Approval of Hard-Rock, Mining Exploration License On Historic Libby Creek in Lincoln County, Montana
Libby Creek Ventures (LCV), based in Spirit Lake, Idaho, is pleased to announce USDA Forest Service (FS) and Montana Department of Environmental Quality (DEQ) joint issuance of an exploration license to perform targeted drilling: FS/DEQ permit is for exploration of strategic minerals in the Kootenai National Forest on mining claims held by LCV since 1984, formerly the Big John Mining Company and Rodan Company.
Presently, LCV is performing feasibility studies as to a prospectus for private placement to key investors. The mining claims are adjacent to the congressionally designated Cabinet Mountains' Wilderness reserve: LCV has met with several mining companies having a serious interest in the "premier mining claims" of LCV.
Mr. Bakie, working closely with FS and DEQ officials, said, "We are looking forward to validating our mining targets in Lincoln County. LCV's base ore targeted objectives are just east of the Cabinet Mountains on the Libby and Ramsey Creek drainage basins. We have reason to believe that there are valuable mineral-ore deposits that have yet to be disclosed or exploited." The proposed Montanore copper/silver project and Revett's Rock Creek Silver project, respectively adjoining LCV, have long-standing investors' interest.
LCV had a "12-year Mining Lease" with Noranda Minerals Corporation, which was terminated and the adit (tunnel) abandoned by Noranda on July 27, 2002, when Noranda "pulled up stakes" in Montana. In effect, Noranda terminated the lease with LCV that was needed to drive the adit. Incumbent to this mining lease was the "Grant of Easement" granted to Noranda by LCV for the adit. The "Old Montanore Adit," presently the LCV adit, was then reverted back to Big John Mining Company and Rodan Company, LCV predecessors.
Aug. 12, 2002, ("Quitclaim Deed" recorded Oct. 15, 2002, in Lincoln County, MT) -- Noranda Minerals Corp. (Noranda), "...does hereby remise, release and quitclaim unto Newhi, Inc. all of Grantor's rights, titles and interests, including extralateral rights, in the real property..." (Quit unpatented... 8/7/02) -- Newhi is a wholly owned subsidiary of Mines Management, Inc. (MMI) -- (MGN stock symbol), based in Spokane, WA. Prior to this, MMI, junior mining company, was then, a ten-percent joint-venture operating partner with Noranda.
Of record, as a result of these actions, Noranda fully abandoned all of its rights, including the old Montanore adit, all unpatented mining claims, and the Montanore project that included ore/assays and LCV intellectual property: As was stated to the DEQ legal staff by an MMI attorney, "Noranda has no rights to the [Operating Permit No. 00150], because it no longer holds title to the claims [that constitutes] the Montanore project." This includes the LCV Adit™ and the grant of easement to the adit owned by LCV.
Bakie projected, "We intend, initially, to drill as much as 1,200 feet in Phase I and Phase II, above Libby Creek and in our more accessible, targeted areas. The LCV Phase III - Plan of Operations (POO) will involve core-drilling of as much as twenty times that, 'within' the LCV Adit™ and along and above the Libby Creek and Ramsey Creek drainage areas." The LCV POO is 18 miles southwest of Libby, Montana, USA.
Bakie added, "Our overall business plan involves primary targets, and is expected to approach 55,000 feet of 'diamond-core exploration drilling' in the near term, after FS/DEQ approvals, of two-to-five years."
LCV also represents the interests of Mrs. Lucille Penney (85) of Libby, Montana, and Mrs. Louise Voves (82) of Spirit Lake, Idaho, progeny of pioneer miners, who located well over 1,000 mining claims in the early 1980s. Voves, "Noranda's... is analogous to 1901 Montana, Amalgamated Copper, the Minnie Healy case."
Photos are available. Background News:
Libby Creek - Montana DEQ permission for drilling - 10 May 2007
Libby Creek - Minor Revision of Montana DEQ permission for drilling -- 21 May 2007
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