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Next Gen Metals Inc. (the “Company”) “N.CNSX” is pleased to announce that the Company has just staked 83 claims on strike with the Alto Ventures / Pacific North West Capital’s (PFN) Destiny Gold Joint Venture (See ATV/PFN Dec. 3, 2009 PFN news release) approximately 75 kilometres north of the Val d’Or-Malartic gold camp (where on December 14, 2009 Osisko Mining announced “Global Measured and Indicated (“M&I”) resource is now 11.20 million ounces gold, up 1.28 million ounces from the total of previously released resources.)
The Fate project is located in the Abitibi Greenstone Belt of Northwest Québec, one of the most famous gold and base metals regions in the world. Portions of the area surrounding the Fate project have thicker over burden and Management believes it has hindered exploration efforts.
Recent advances in mining exploration technology are allowing companies like Next Gen to make significant gains in under explored areas of Canada.
Next Gen’s newly acquired Fate Project covers approximately eight kilometres of the western extension of this under explored stratigraphy which is host to the Destiny gold resource, where Alto Ventures and Pacific North West Capital have an aggressive winter drill program planned. This stratigraphy and potential mineralization extends approximately 20 kilometres along the major Chicobi Deformation Fault Zone. The Chicobi Deformation Fault Zone parallels the prolific Cadillac-Larder (Val d’Or-Malartic [http://www.osisko.com], Bousquet, Kirkland Lake gold camps) and Destor-Porcupine (Timmins, Holloway, Duparquet gold camps) Deformation Zones to the south as well as the Casa Berardi (Aurizon, Joutel gold areas) Deformation Zone to the North. Approximately 30 kilometres northeast of the Destiny project, Maudore Minerals (http://www.maudore.com) is working on expanding their Comtois gold resource (On November 23, 2009, Maudore Minerals Limited announced a 70,000 metre drill program to expand the current inferred mineral resource on its 100% owned Comtois high grade gold project. The current Inferred Mineral Resource (RPA, 2002) at Comtois stands at 524,000 ounces of gold [808,000 tonnes at 20.2 g/t Au (uncut)] or at 249,400 ounces of gold [808,000 tonnes at 9.6 g/t Au (cut at 30 g/t Au)].
Due to the knowledge PFN and its management gained in this area of Québec and the fact that PFN has acquired additional claims that meet and exceed its original objectives and budgets for this region, Management of PFN and Next Gen are completing a Finder’s Fee agreement.
Subject to the boards of both companies and regulatory approval, Next Gen will issue to PFN 100,000 shares of its capital stock and grant PFN a 1.5 % Net Smelter Royalty on the Fate Project. Next Gen has the right to purchase 0.5% of the royalty for $500,000 leaving PFN with 1%.
John Londry, P.Geo, is the Qualified Person for this release.
About Next Gen Metals Inc.
Next Gen Metals Inc. is diversified mineral exploration company with its current focus on North American mineral projects. To date the company is focusing on gold, silver and base metals projects in Canada and silver and base metal projects in Alaska.
About International Metals Group
Next Gen Metals Inc. is the newest company to join the International Metals Group and trades on CNSX Exchange under the symbol N. For further information, please visit http://www.internationalmetalsgroup.com
On behalf of the Board of Directors
"Harry Barr"
Harry Barr, President & CEO, Next Gen Metals Inc.
The Canadian National Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Disclaimer: This news release may contain certain "forward-looking statements". All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and available at www.sedar.com or filed with the Canadian National Stock Exchange. Any forward-looking statements are not guarantees of the Company's future performance and are subject to risks and uncertainties that could cause actual results, developments, and business decisions to differ materially from those contemplated by any forward-looking statements.
Except as required by law, the Company undertakes no obligation to update any forward-looking statements.
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