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Gold/Mining/Energy : Golden Goose Resources-GGR (TSE)
GGR 3.030+10.6%Jan 2 9:30 AM EST
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To: gtr who wrote ()10/12/1999 12:04:00 PM
From: Scripts   of 14
 
This is the latest info I can find from CCN. Anyone have more recent information?? Am I alone here???

TORONTO, ONTARIO--Golden Goose Resources Inc. ("Golden Goose") is
pleased to announce that it has signed a conditional letter of
intent with a financial intermediary for the sale of a production
royalty on the Magino and Magnacon gold properties. The proceeds
of this sale would provide sufficient initial capital to allow
Golden Goose to advance towards production on these properties.

The royalty sale will be in the amount of $50 million, with
initial gross cash proceeds of approximately $7.5 million, with
the balance to be received in instalments over a ten-year period.
The royalty will be based upon revenues from the Magino and
Magnacon properties. It is anticipated that the sale will be
finalized and the initial cash instalment of $1.5 million will be
received within 90 to 120 days, upon completion of the detailed
review and audit of the projects and related properties involved
in this royalty. The following four instalments of $1.5 million
each are expected to be received in approximately 90-day intervals
following the initial cash instalment due at closing of this
proposed transaction. The balance of $42.5 million will be paid
over a ten-year period with interest at the rate of 7.5 percent
per annum.

This agreement is subject to regulatory approval.

-30-
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