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RENO, Nev., Mar 5, 2003
(BUSINESS WIRE) -- American International Ventures Inc. (AIVN)
(the Company) is pleased to announce it has entered into a
binding Letter Agreement for the acquisition of the Wilson -
Independence Gold/Silver Mine in Lander County, Nevada. The
property is located in the Antler Peak Mining District,
roughly 20 miles south of the town of Battle Mountain,
Nevada.
The Property is
situated on the prolific Battle Mountain - Eureka Mineral
Trend, roughly 4,000 feet south of the famed Fortitude /
Phoenix Deposit (past production plus existing reserves of
over 4 million ounces of gold). Mineralization at the Wilson
Independence consists of two principle targets, termed
"Independence Surface" and "Wilson
Deep". At this time the primary interest is in the Deep
target, where, as quoted in the Nevada Bureau of Mines and
Geology Special Publication MI - 1997, "prior
exploration has identified a resource of over 800,000 ounces
of gold." (DMR 12-17-97; Consolidated North Coast
Industries Ltd., press release, 12-09-97) Due to more recent
drilling results, AIVN management believes the present
resource may be substantially larger. As a result, during
its Due Dilignece process, AIVN plans to secure independent
verification of the mineral resource for the Wilson Deep.
This acquisition is the
most recent under AIVN's new mandate to acquire properties
that contain significant, existing, drilled gold resources.
Combined with AIVN's Bruner property, this acquisition
brings the company's present gold resources to 1.3 million
ounces. Under the direction of the new management team, AIVN
is taking advantage of what it believes is the beginnings of
a paradigm shift in the gold market that will, in the near
future, result in a steady, significant rise in the price of
gold. AIVN's goal is to gain control of 8 million to 10
million ounces of gold in existing resources. It is AIVN's
belief that this will substantially mitigate the inherent
risk in gold exploration and, allowing a strong rise in gold
price, these resources may be developed into producing
mines. AIVN's present strategy is to acquire gold resource
properties and to vend them to gold producers as the gold
price approaches the individual property's economic
threshold. AIVN, to limit risk, has no intention of becoming
a gold producer at this time. However, should a full fledged
primary bull market in gold evolve, AIVN may decide to gain
control over selected highly prospective exploration
properties, where there is a high probability of identifying
gold resources. AIVN's immediate plans are to confirm and
analyze the Wilson - Independence resource at various gold
prices and to continue it's aggressive acquisition program.
FORWARD-LOOKING
STATEMENTS: This news release contains certain
forward-looking statements. All statements, other than
statements of historical fact, included herein, including
without limitation statements regarding potential
mineralization, resources and reserves, and development
results, and the future plans and objectives of American
International Ventures while forward-looking statements that
involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate in
actual results of future events could differ materially from
those anticipated in such statements. Important factors that
could cause actual results to differ materially from
American International Ventures expectations.
American International Ventures, Inc.
Robert G. Carrington, 775/847-7772
Samuel G. Nunnemaker, 775/883-5287
or
American International Ventures, Inc.
973/335-4400 Fax, 973/471-7327
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