Property in Papua New Guinea acquired
Econ Ventures Ltd EOV
Shares issued 10,703,504 Jun 10 close $0.21
Thu 11 Jun 98 News Release
Mr. Patrick Normoyle reports
The company has entered into a joint venture agreement with Rockwell
Exploration whereby Econ has the right to earn a 70 per cent interest in a
256,000 hectare mining concession, EL 1252, the Koinpiam area of in Papua
New Guinea.
Econ is to pay Rockwell $300,000 and is required to carry out a two year
work program of approximately Kina 250,000 subject to the right of
relinquishment at any time without further commitment.
At any time for the duration of the joint venture up to the issuance of a
final feasibility study, Econ has the right of first refusal to purchase
Rockwell's remaining interest in the property or joint venture in the event
that Rockwell wishes to sell such interest.
EL 1252 is in the same geological belt as the recently announced EL 1230.
This belt is seen as part of a geological arc that encompasses the world
class Porgera, Mt. Kare, Frieda and O.K. Tedi ore bodies and is believed to
likely host other ore bodies of a similar nature.
El 1252 is reported to have abundant alluvials in its streams that, because
of the topography, appear to originate on the concession. The company's
consulting geologist, Neil Kinnane, is to carry out a phase I exploration
program to trace the source of the alluvials, which is Econ's primary
target.
This latest acquisition brings Econ's holdings to 750,000 acres of highly
prospective mineral claims in an area that is seeing widespread exploration
activity.
Econ has placed a non-brokered private placement of one million special
warrants at 20 cents. Each special warrant is exchangeable into one unit
consisting of one share and a warrant to purchase an additional share at 23
cents in the first year and 25 cents in the second year. |
