Nugget Pond Property - Baie Verte Peninsula
In October 2006 New Island acquired under an Option Agreement from Richmont Mines Inc., Richmont's Nugget Pond gold mill and related facilities on the Baie Verte Peninsula. New Island subsequently sold the gold mill to Crew Gold Corporation but retained the mineral claim blocks adjacent to and near the Nugget Pond mill.
These mineral claim blocks cover 4370 hectares and are highly prospective for gold mineralization. New Island plans to further explore these claim blocks and should it be successful in establishing gold deposits thereon, Crew Gold, as part of the October 2006 Sale Agreement, has agreed to process the ore at its Nugget Pond mill at commercial rates.
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