Lytton Minerals Ltd -
Lytton/New Indigo winter exploration program; amalgamation
Lytton Minerals Ltd LTL
Shares issued 115,673,934 1999-02-05 close $0.17
Monday Feb 8 1999
Also Tahera Corp (TAH)
Also New Indigo Resources Inc (NDR)
Mr. Grant Ewing reports
Shareholders of Lytton Minerals and New Indigo Resources have approved the amalgamation of the two companies at special shareholder meetings held on Feb. 5, 1999. The Toronto Stock Exchange has conditionally approved the listing of the common shares of the new company, Tahera Corporation, in place of the Lytton shares upon completion of the amalgamation and filing the required documents. The shares of Tahera Corporation will begin trading on the TSE under the symbol TAH effective March 1, 1999 subject to completion of court approval and regulatory filings. Tahera Corporation will have 154.3 million shares outstanding.
Winter Exploration Program
The winter exploration program at the Jericho diamond project in the Northwest Territories is scheduled to commence during the last week of February. The Jericho project, in the north central region of the Slave Structural Province of the Northwest Territories, approximately 400 kilometres northeast of Yellowknife, will be wholly owned by Tahera Corporation.
The initial phase of the program will consist of delineation drilling (1,200 metres) on the recently discovered Contwoyto-1 kimberlite, followed by drill testing approximately eight priority targets (1,000 metres) in the immediate vicinity of the new kimberlite. In the Jericho area, where three diamondiferous kimberlite pipes (JD pipes) have been discovered to date, ground geophysical surveys to further define targets is planned, followed by drill testing approximately ten of the highest priority kimberlite targets (1,200 metres). The Contwoyto and JD pipes lie within a 30 km radius of the Lupin mine facilities. Current plans call for this phase of the program to be followed by a summer program of geological mapping, prospecting, additional till sampling, geophysics and a followup exploration drilling program in the fall of 1999.
Approximately 800,000 hectares of Tahera's land position in the Northwest Territories is subject to a joint venture agreement with Kennecott Canada Exploration Inc. Kennecott will commence its winter exploration drilling program on the Ice claims and the Rockinghorse and Hood River properties in March 1999. Approximately 30 - 35 kimberlite targets (4,500 metres) will be tested in the exploration program that will run from March to June 1999. Kennecott is entering the third year of the joint venture agreement that entitles it to earn a 50 per cent interest in the joint venture properties by making expenditures of $50-million.
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Lytton Minerals Ltd -
Kaiser says buy Lytton ahead of amalgamation
Lytton Minerals Ltd LTL
Shares issued 115,673,934 1999-02-09 close $0.25
Tuesday Feb 9 1999
John Kaiser, writing in a Feb. 9, 1999 Express, says diamond hunter Lytton Minerals is a strong buy at 20 cents. On Feb. 5, Lytton and New Indigo Resources shareholders voted to merge on March 1 as Tahera Corp. Mr. Kaiser has followed Lytton's affairs in his Bottom-Fishing Report since 1993, but was put off by what he viewed was an "overpriced promotion" and its poor record on disclosure. By September 1998 at 22 cents, however, he began to view the Harry Dobson creation as a possible buy. In the current report, Mr. Kaiser says Glenn Laing and Howard Miller will be Tahera's top officers. The Portland-based Crabbe Huson mutual fund will hold 23 per cent of Tahera's 154.3 million issued shares, while Paris-based Societe General will hold 14 per cent and management seven per cent. The bottom-fishing stock writer notes that about $10-million has been budgeted for winter drill testing of 50 targets on around five million acres of the Northwest Territories, and in view of this the stock should be trading in the 40- to 60-cent range. In addition, Mr. Kaiser says the terms of amalgamation (2.43 Lytton for each New Indigo) are a "steal" for Lytton. |
