-->Der nächste spin off steht an, der erste mit Strada Gold hält sich nicht mal schlecht bis jetzt. Expatriate hat mit dem Wolfverine-Projekt schon ordentlich Holz vor der Hütte, die neu zu errichtende Hütte ist vorerst nur zum Träumen da.
Wie ich meine eine gelungene Kombination von Realität und Fantasie.

Wie immer schöne Grüße

E u r o p e a n G o l d C e n t r e
website: www.europeangoldcentre.com

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2 of 2-
WOLVERINE DEPOSIT WILL TURN EXPATRIATE
RESOURCES INTO A STRONG SILVER-ZINC PRODUCER
WITH ADDITIONAL GOLD AND COPPER CREDITS
Expatriate Resources Ltd. is a kind of unusual company. It has many interesting
properties with gold, silver, copper, zinc and lead with combined reserves and
resources that are barely reflected in the current share price. The main reason for
that is that the investment community has not yet recognized the potential of the
company’s projects. Not so surprising because Expatriate’s management team,
personified by Dr. Harlan Meade, have kept a rather low profile so far. But not for
long anymore! As recent as May 31, the announcement came that Expatriate had
successfully negotiated the acquisition of the remaining 39.4% interest in the
Wolverine Joint Venture from its partner Atna Resources Ltd.. As the transaction
was closed today, Expatriate now owns 100% in the exceptionally high grade
Wolverine deposit and surrounding exploration lands with Atna holding an
approximate 11.7% equity interest in Expatriate.
Finally, Harlan Meade will be able to work dedicatedly towards his long abided
goal: to turn the Wolverine project into a significant new silver-gold-zinc-copperlead
producer. In the years that I have known him and discussed the project with
him in depth, he steadily impressed me with his vision on the silver and zinc
markets and his firm belief in the potential of the Wolverine project. Now that
Expatriate has assumed full ownership, the way is paved for advancing the
completion of a feasibility study and development of the Wolverine. There will be
a lot of work ahead but provided the current and future working programs will be
completed as expected, the Wolverine mine could be ready for operations to
commence in late 2007.
But as if the 100% ownership and the potential of the Wolverine deposit is not
enough to make Expatriate Resources an interesting investment target, there is
more, considerably more. Last year, Harlan Meade showed that he cares about his
shareholders. The North American gold holdings of Expatriate were sold to
subsidiary StrataGold Corporation and the shares of it were distributed to the
Expatriate shareholders as a dividend to provide them with an extra opportunity
for growth. In the column on the next page of this report, you will discover that
Expatriate has a lot more interesting projects in its portfolio. Despite the fact that
the development of the Wolverine will require the most of management’s
attention, I am sure that we will hear more about the progress of the other
projects. They include the Ice and the Logan project in the Yukon, the Blue Moon
in California, the Yava in Nunavut and, not in the least, several projects in the
major mineral belts of Chile, held in Expatriate’s subsidiary Compañia Minera
Latina Limitada. I would not be surprised if there will be another spin off of one
or more of these holdings some day in the future. I already opened this report by
saying that Expatriate Resources is a kind of unusual company. It is, I like it, and
it is worthy of your attention.
Henk J. Krasenberg
Expatriate Resources Ltd.


THE WOLVERINE DEPOSIT: A REMARKABLE PROJECT
The Wolverine Project comprises 112 square kilometres of mineral claims in the
eastern part of the Finlayson District in the Yukon Territory. These claims host
the Wolverine deposit that contains 74.7 million ounces of silver, 352,000
ounces of gold, 1,738 million pounds of zinc, 212 million pounds of lead and
182 million pounds of copper. Expatriate has resumed planning and permitting
of the proposed underground test-mining and exploration program to provide the
additional information required to finalize the Wolverine portion of a bankable
feasibility study.
An underground testmining program is planned to start in late 2004 with
completion scheduled for mid 2005. The program includes a decline down to the
upper part of the deposit and development of test stopes to confirm mining
conditions and remove a bulk sample for additional metallurgical studies. In
addition, an exploration drift is planned over the top of the ore lenses to provide
drill platforms for detailed fill-in drilling to provide information for determining
mining reserve and mine plan. According to a pre-feasibility study prepared in
November 2000 by Hatch Associates, the probable diluted mining reserve would
provide an 8 year mine life. It is expected that the underground program will
succeed in the conversion of additional resources into reserves, thus considerably
increasing the projected mine life to more than 15 years.
The development plan provides for an underground mine producing 1,250 tonnes
per day and feeding to a flotation mill to be constructed on site. The projected
cost of the mill is around C$100 million; however, should it be possible to find an
existing plant, this cost could be reduced to approximately C$60 million. The fine
to medium grained Wolverine ores respond well to standard flotation
processing and readily produced zinc, copper and lead concentrates with
high recoveries of both base and precious metals. The copper and lead
concentrates are particularly enriched in silver and gold.
One note should be made: all concentrates contain high levels of selenium and
other contaminants that could result in significant penalties and restrict access to
some smelters. Expatriate’s management is exploring for process alternatives to
recover the selenium content on site. Moreover, recent market developments have
turned this penalty element into a possible asset since the price of selenium has
increased from US$3 to more than US$30 per pound.
The Preliminary Development Schedule indicates that the Wolverine Mine could
be ready to commence operations by the end of 2007. Based on current
calculations, the Wolverine could rapidly progress to a production of over
100,000 tonnes of zinc and about 7 million ounces of silver on an annual basis.
Referring to the considerable zinc supply gap that is currently developing and
mentioned on the preceding page, the Wolverine should put Expatriate clearly
on the map of the world’s significant zinc producers. With the silver content in
the reserves likely to increase to over 100 million ounces, Expatriate Resources
should be regarded as a significant silver company too.

Dazu passent die Nachricht von heute.
http://biz.yahoo.com/ccn/040909/e031ed5d4c0a2d15d5142491e15c8efa_1.html