Hello: To anyone interested. The lastest on GTH.Not much activity in the stock. Although the main buyers have been UNION as of late. Is this company for real or just another VSE PUMP AND DUMP WHEN THEY HAVE TIGHTENED UP THE STOCK ENOUGH TO DO THEIR THING? Good Dayyyyyy Ronald
Golden Thunder acquires WorldWay Investments
Golden Thunder Resources Ltd GTH
Shares issued 3,617,156 May 21 close $0.16
Wed 26 May 99 News Release
Mr. Tun Aye Sai reports
The acquisition of WorldWay Investments Inc. has been closed. WorldWay's
principal asset is a mineral exploration and development joint venture in
Henan Province, China, in which WorldWay can earn a 70-per-cent interest in
the Wu Jian Fang rutile titanium deposit by spending $700,000 (U.S.) over
18 months on exploration and development.
Known rutile showings on the property cover at least 10 kilometres of
strike length, within an inferred 30-kilometre-long geological structure.
The total exploration concession is approximately 30 kilometres long by 2
kilometres wide. Probable reserves on the property total 680,000 tons of
contained rutile (titanium dioxide) and are within 2.7 kilometres of strike
length, to a depth of 11 metres and a width of 400 metres. Current prices
for rutile titanium are approximately $500 (U.S.) per tonne.
A preliminary evaluation report on the Henan rutile ore has been received
by the company. This evaluation was conducted by Outokumpu Technology Inc.,
Carpco Division, Florida, which are world leaders in titanium separation
technology. The report states that the rutile phases are of high purity,
averaging 99.26 per cent. The Carpco report also states that, assuming an
average ore grade of 2.4 per cent rutile, a 65-per-cent recovery rate and a
rutile price of $400 (U.S.) per tonne, the deposit can be commercially
viable.
Carpco will be also be conducting a prefeasibility study on the project.
The objectives of the Carpco study will be to design the process flow
sheet, confirm actual grade and recovery achievable, and estimate operating
and capital cost for a 30,000 tonnes of rutile concentrate per year
operation. Carpco will also produce a bulk rutile product for market
evaluation.
The company is also reviewing production of a high-value off-white pigment
product from the rutile concentrate produced from the mine. Off-white
pigment currently sells for $1,200 (U.S.) to $1,500 (U.S.) per ton in the
North American market.
The terms of the WorldWay Investment acquisition are: four million shares
issued to Wong Shek Sang and Li Sho I, owners of WorldWay Investments Ltd.,
and payment of a 3-per-cent net profit interest to Mr. Sang. The four
million shares will be issued: 200,000 upon closing, six tranches of
542,857 shares and a final tranche of 542,858; each tranche to be issued as
the company earns each 10-per-cent interest (to a maximum 70-per-cent
interest) for every $100,000 (U.S.) expended on exploration on the Wu Jian
Fang rutile deposit. A finder's fee of 350,000 shares of the company is
issuable to Dr. Francis Liu as follows: 43,750 upon closing and 43,750 for
each 10-per-cent interest the company earns in the Henan rutile property.
All shares issued under this agreement are subject to a 12-month hold
period from April 28, 1999. A geological report may be required by the
exchange prior to the issuance of each of the seven tranches of shares to
the vendors and the finder.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
