VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Apr 15, 2008 -- Brian McEwen, President and CEO of Buffalo Gold Ltd. ("Buffalo")
(CDNX:
BUF.V -
News)(OTC BB:
BYBUF.OB -
News)(Frankfurt:
B4K.F -
News), announces that
the Company has given notice to Madison Minerals Inc. ("Madison")
(CDNX:
MMR.V -
News)(OTC BB:
MMRSF.OB -
News) that they wish to trigger a
joint venture at their Mr. Kare project in Papua New Guinea
(See Buffalo Press Release, October 21, 2005). The JV will
be implemented following a 90 day notice period.
Buffalo currently has a 60% interest in the Mt. Kare project.
Madison has 40%, having re-negotiated the terms of the earn-in
agreement last year (See Buffalo Press Release May 18, 2007).
Madison and Buffalo collectively hold a 10% interest in
trust for the local landowners. Under the terms of this
agreement, Buffalo could increase its interest to 75% by
completing a bankable feasibility study in the next three
years or convert the project to a joint venture where by
each Company has to contribute on a pro rata basis to the
project costs or be diluted down. Buffalo has opted to trigger
the joint venture.
Recently, Buffalo completed a 21.7 -line -kilometre, induced
polarization (IP) survey over the southern extension of
the Mt. Kare deposit (See Buffalo Press Release March 3,
2008). The survey has defined a strong 400m by 300m chargeability
anomaly, extending southward or at least 250m beyond the
most southerly line of drilling on Mt. Kare. The anomaly
is interpreted as being in response to sulphide mineralization
and defines a previously untested portion of Mt. Kare gold
bearing epithermal system. This new anomaly is being reviewed
to define drill targets and has the potential to add incremental
ounces to the existing resource of 1.7 million ounces of
Gold. The Company is compiling an exploration program to
follow up on these results.
Brian McEwen, Buffalo President and CEO, remarked, "Buffalo
Gold is committed to continue working in PNG, and believes
in the potential of Mt. Kare and the surrounding area. We
are committed to PNG as shown by our application for renewal
of EL1093 and the recent final approval for EL 1575."
To find out more about Buffalo Gold Ltd. (CDNX:BUF.V - News), please
visit the company website at www.buffalogold.ca.
To find out more about Madison Minerals Inc. (CDNX:MMR.V - News)
please visit the company website at www.madisonminerals.com.
On behalf of the Board of Directors of BUFFALO GOLD LTD.
Brian McEwen, President and Chief Executive Officer
On behalf of the Board of Directors of MADISON MINERALS
INC.
Chet Idziszek, President and Chief Executive Officer
Cautionary Note to U.S. Investors - The United States Securities
and Exchange Commission ("SEC") permits mining companies
in filings with the SEC to disclose only those mineral deposits
that a company can economically and legally extract or produce.
The Company may use certain terms in this news release,
such as "inferred resource", that the SEC guidelines strictly
prohibit from including in filings with the SEC. U.S. Investors
are urged to consider closely the disclosure contained in
the Company's Form 20-F Registration Statement, File No.
000- 30150. The Company's filings are available on the SEC's
website at http://www.sec.gov/edgar.shtml.
This website may contain information about adjacent properties
on which we have no right to explore or mine. We advise
U.S. Investors that the SEC's mining guidelines strictly
prohibit information of this type in documents files with
the SEC. U.S. Investors are cautioned that mineral deposits
on adjacent properties are not indicative of mineral deposits
on our properties.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the accuracy of this press release.