Rocca Resources Ltd -
Rocca's new Argentine company duly registered
Rocca Resources Ltd RRL
Shares issued 2,667,649 1999-03-05 close $0.46
Monday Mar 8 1999
Mr. David Hodge reports
International inter company preparations are now confirmed as complete in Argentina, all part of the developing agreement with Grupo Economico Fenix S.A., the Mine Leonardo property vendor.
In anticipation of the required Vancouver Stock Exchange property approval, which is expected soon, the company has structured the following preparations for further development operations of Mine Leonardo.
The newly incorporated Argentina operations company, Grupo Minero Hallada S.A. (GMH S.A.), is now incorporated and duly registered according to both the national Companies Act and the Mendoza provincial Mining Law.
The first appointed corporate officers of GMH S.A. are Nelson R. Guzman, president, and Carlos A. Montero, vice-president.
In accordance with Argentine corporate and tax law, the corporate officers are required to be salaried employees of the company.
Sr. Guzman is a natural citizen of Argentina and is an experienced international business consultant and financial adviser. With permanent residence in the federal capital of Argentina, Buenos Aires, the president of GMH S.A. will draw on 32 years of continuous corporate policy liaison at the national government level to the benefit of the company. President Guzman shall be responsible for the operation of the company, reporting directly to the managing director.
Sr. Montero is also a natural citizen of Argentina, with permanent residence in the city of Mendoza. Prior to joining GMH S.A. the vice-president devoted 25 years of continuous service to the country as a foreign investment relations expert specifically related to the natural resource sector. Vice-president Montero shall be responsible for the general management of the company, reporting directly to the president.
The board of directors for Rocca Resources shall appoint the managing director of Grupo Minero Hallada S.A. in due course. The managing director of GMH S.A. shall carry out the mandate of, and report directly to the board of directors of Rocca Resources.
Argentina corporate and mining legislation guarantees 30 years of tax benefit to a foreign-owned national mining company, to which GMH S.A. now is qualified.
Further to serving Rocca's needs in connection with Mine Leonardo, GMH S.A. and its staff will spearhead exploration, evaluation and acquisition of other properties in Argentina. These activities will be focused on all types of mineral properties, including gold, copper, silver and industrial-based minerals.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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