December 15th, 2009, Vancouver, Canada. 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.)
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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%.
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