Gold Market has World Famous Mine Finder Chuck Fipke

[StentorMedia]

Recent Bullish Gold Market has World Famous Mine Finder Chuck Fipke, turning from Diamonds to Gold.

With gold prices rising once again to new heights, the latest news out of Chuck Fipke's camp has a lot of people excited once again. Could the man that first discovered Canada's Diamonds in the rouged North West Territories be on to a new discovery with the news put out this Friday, September 17th, 2010.

Cheetah Ventures Inc. (CHV.H trading on the TSX.V & CHVFF on the US Pink Sheets) announced Friday that they had signed a Letter of Intent with Chuck Fipke's Cantex Mine Development Corp. in an attempt to develop the companies potential gold mine in the country of Yemen.

Yemen is a country of 23 million people bordering Saudi Arabia, and located approximately 500 miles south west of Dubai. Dubai is one of the fastest growing cities in the world today and offers a major business center to all it's neighbors.

Cheetah unit signs LOI for 70% Al Hariqah interest


2010-09-17 19:24 ET - News Release

Mr. Brian Gracey reports

ACQUISITION OF YEMEN GOLD PROSPECTS

Cheetah Ventures Ltd.'s wholly owned subsidiary, Cheetah-Yemen Holdings Ltd., has entered into a letter of intent with Cantex Mine Development Corp., whereby the company will be granted an option to acquire up to a 70-per-cent interest in certain mineral claims located in Yemen and known as the Al Hariqah project. The company's interest will be earned in stages, but, to earn the full 70-per-cent interest, the company is required to finance exploration expenditures totalling $5-million plus 70 per cent of the costs required to put the project into commercial production. The company is obligated to finance a minimum of $2-million as a firm commitment and will earn a 40-per-cent interest upon expending a total of $4-million and completing a prefeasibility study by March, 2012. It can then earn an additional 10-per-cent interest by expending an additional $1-million toward exploration work and completing a feasibility study by September, 2013, and can earn a final additional 20-per-cent interest by financing 100 per cent of the costs of placing the claims into commercial production. In the event that a mine is developed, Cantex will reimburse the company for 30 per cent of the costs associated with commercial development of the mine from 80 per cent of Cantex's share of mine profits.

The letter of intent and transactions contemplated therein are subject to a number of material conditions, including, inter alia, the negotiation of a definitive agreement, delivery and approval by the company of a compliant National Instrument 43-101 report, and TSX Venture Exchange approval. A finder's fee is payable in connection with the transaction upon final closing.

About the Al Hariaah project

The Al Hariqah project is a large body of gold mineralization discovered by Cantex. To date, Cantex has spent over $10-million mapping, sampling and drilling the Al Hariqah project and has identified two parallel zones of gold mineralization 30 metres to 50 metres wide with a strike length of over four kilometres. Mineralization has been intersected from surface to a depth of 200 metres and remains open at depth.

Within the 30-metre-to-50-metre-wide zones are frequent small pods of high-grade mineralization (up to 200 grams per tonne gold). In many cases, this high-grade mineralization contains visible gold.

To date, 162 drill holes have been drilled on the project, with 45 of these yet to be deepened with core drilling. Examples of notable intersections are presented in the attached table.

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