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To: average joe (154 )
From: Wisam Raad
Saturday, Aug 8 1998 1:07AM ET
Reply # of 160
WAR EAGLE MINING COMPANY INC - Candle Lake Diamond Joint Venture
- Saskatchewan Progress Report [258]
Canadian Market News from Market News Publishing, Friday, August 07, 1998 at 11:57 Tim Brock, President of War Eagle Mining Company Inc., reports that Kennecott Canada Exploration Inc., the operator of the Candle Lake Joint Venture, is currently processing,with caustic fusion at their Thunder Bay facility, a portion of the bulk sample recently taken from kimberlite C 29/30. The Company will release the results of the bulk sample and caustic fusion test on receipt of the same.
Kennecott may earn a 60% interest to the Candle Lake Joint Venture by incurring $8 million in exploration and development expenditures of which approximately $3,000,000 has been spent to date. After Kennecott has earned its 60% interest, War Eagle Mining Company Inc. and Great Western Gold Corp. may then elect to equally participate as to a total of 40% or be carried as to 30% until a positive feasibility study has been completed. Thereafter, the Joint Venture partners will contribute.
The Company is maintaining its property interests in Promontorio and La Fortuna and is in discussions with potential Joint Venture partners.
TEL: (604) 606-7979 Joseph Flatley or Andrew Hay
TOLL FREE: 1-800-877-1626 (U.S.)
INTERNET: brittoncapital.com
(c) 1998 Market News Publishing Inc. All rights reserved.
Tel:(604) 689-1101 Fax:(604) 689-1106
RapidFAX (tm) - To get the NEWS as it happens, call (604) 689-3041.
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