Independence Resources
NEWS RELEASE
Independence Resources Inc
IDN
Shares issued 6442980
1997-07-22 close $0.28
Thursday Jul 24 1997
Also Greenstone Resources Ltd (GRE)
Mr Ian Park reports
Independence Resources has an agreement with Greenstone
Resources, Central America's largest gold producer, to
explore and develop gold properties in Mexico. Greenstone
will provide technical and financial assistance to
Independence in exchange for the right to purchase 50% of
Independence's interest in its Mexican gold projects.
As part of the agreement, Greenstone has subscribed for
1,000,000 units of Independence at $0.35, by way of
private placement. Each unit consists of one share and one
two-year warrant. On a fully diluted basis, this gives
Greenstone 13% of Independence, making it the company's
largest shareholder.
Michael D. Johnson has been appointed president and CEO
and a director of Independence. Mr Johnson was
vice-president and chief geologist of Greenstone
Resources. Mr Park has moved from the president's
position to chairman of the board of Independence.
Greenstone has explored, developed and constructed three
large open-pit, heap-leach mines in Central America and its
expertise in this field will make a considerable contribution
to the evaluation of Mexican projects. Mr Johnson was
instrumental in building Greenstone's large gold reserves
on these three projects over the past three years and is the
ideal CEO to direct Independence's new initiative into
Mexico.
Does anyone know anything about this company, this news release sounds very interesting to me.
HARLEY.
(c) Copyright 1997 Canjex Publishing Ltd.
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