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   | |  Prime Meridian's strategy is to acquire, explore and develop project areas in the northern region of the Midcontinent Rift System (MRS) where, historically, large and valuable base metal mines have been developed. Prime Meridian conducted a series of work programs since 2000 to identify prospective areas within the northern, Lake Superior section of the MRS to acquire the mineral tenure, and to advance projects through a combination of reconnaissance mapping, prospecting and airborne and ground geophysical surveys (electromagnetic, magnetic and gravity) and drilling. This resulted in the development of 29 drill ready targets as of when Prime Meridian became a publicly traded company in early 2007. The targets were in 4 nickel-copper magmatic projects and one iron oxide copper gold project. Consistent with the strategy is the on-going acquisition and exploration of a pipeline of earlier stage projects that are continuously being advanced to develop additional drill-ready targets. Thus the portfolio will deliver a steady flow of drill and exploration results that offers multiple opportunities for a significant discovery. Prime Meridian is presently in the process of additional acquisitions for its St. Louis #1 project in Minnesota, another Mid-Stage exploration project. Prime Meridian has acquired 720 acres (180 hectares) covering high priority geophysical targets which may represent previously unknown high-grade massive sulfide mineralization. Drilling by past explorers intersected low grade copper-nickel mineralization to outline a resource (which is not 43-101 compliant) in a gabbroic intrusion. Negotiations are in progress to acquire additional lands totaling 880 acres (220 hectares). Ground geophysical surveys will begin this winter and continue through the spring to accurately spot drill collar locations. Prime Meridian's aim at St. Louis #1 is the discovery of high-grade massive sulfide bodies either at the footwall contact or contained within the footwall slates as indicated by coincident EM and magnetic data from airborne and ground geophysical surveys. The current portfolio of mid-stage properties was selected through an evaluation of geological and regional geophysical data. They will be advanced to the drilling phase through systematic geological and geophysical surveys, reconnaissance field mapping and prospecting. The mid-stage properties are prospective for nickel-copper magmatic deposits or iron oxide copper gold (IOCG) deposits associated with the MRS. The regional geology which forms the basis for Prime Meridian's strategy is available in the web site at: Regional Geology. As of February, 2008 Prime Meridian has 6 mid-stage properties totaling approximately 5,500 hectares in Michigan and Minnesota. | |
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