Hello Valuepro
I have e-mailed the ASA for corporate and financial data. Will post when I receive it. If you do not have an Enersource Claim Map their properties essentially encompass most of the real-estate between Lac de Gras and the Arctic Ocean (almost the entire northern half of the Slave Craton with a few gaps here and there).
The following might be of interest.
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NEW INDIGO RESOURCES INC. (ASE: NDR) QUARTERLY REPORT FOR THE NINE MONTHS ENDED MARCH 31, 1998
TORONTO, May 11 /CNW/ - We wish to report our financial results for the
nine months ended March 31, 1998. Exploration and development costs incurred
during the period decreased to CDN$8,588,355 compared to $11,315,910 for the
comparable period of 1997 when the Jericho JD/OD-1 bulk sample was being
processed. New Indigo's general operating expenses increased to $715,328
compared to $337,259 for the comparable period in 1997, largely due to
termination allowances paid to former directors and officers, interest on
short term debt, and increased travel. For the reporting period, New Indigo
recorded a loss of $553,954 or $0.04 per share compared to a loss of $790,665
or $0.06 per share for the comparable period of 1997.
As part of the development plan for the Jericho Diamond Project in the
Northwest Territories, H.A. Simons Ltd. (Vancouver) is carrying out a
definitive engineering study to prefeasibility study level for both the
Jericho and Lupin minesite options. This study is expected to be complete by
the end of May 1998.
A 30-tonne mini-bulk sample has been extracted from the JD/0D-3 pipe
which forms part of the Jericho Diamond Project and will be treated at
Lytton's DMS plant in North Vancouver. The mini-bulk sample will be used to
further evaluate the potential grade and resource of this pipe. The addition
of the JD/0D-3 kimberlite pipe to the resource base of the Jericho Diamond
Project will have a significant impact on the life and economics of the
project.
New Indigo and its partner, Lytton Minerals Limited, continued to explore
the approximately 1.1 million acres of mineral claims surrounding the Jericho
JD/OD-1 and JD/OD-3 diamondiferous kimberlite pipes. In the immediate area
surrounding the Jericho Pipes, a low altitude and close line spacing EM/MAG
airborne geophysical survey has been completed (over an area of 7 x 10 km) in
an effort to identify geophysical anomalies. Numerous favorable anomalies have
already been identified following preliminary interpretation of the data. In
conjunction with previously defined kimberlite mineral indicator dispersion
trains, a program of follow-up ground geophysics, quaternary and geological
mapping and additional till sampling will be performed to prioritize targets.
Drilling of favorable targets is likely to occur in the Summer/Fall 1998. Any
additional kimberlites found in the immediate area will contribute to the
known Jericho kimberlite resource (17.5 million tonnes to date), and
significantly enhance the economics and scale of the Jericho Project.
In the Rockinghorse Lake and Hood River Joint Venture Areas
(approximately 1.3 million acres) located in the Northwest Territories,
Kennecott (operator) is proceeding with an exploration program comprising
geophysical surveys, quaternary geological mapping and additional till
sampling. The objective of the 1998 exploration program is to develop an
inventory of potential kimberlite targets for drilling in the 1999 field
season.
In northeast Alberta, New Indigo and Lytton Minerals (operator) and joint
venture partner Birch Mountain Resources Ltd. have completed a program of
airborne and ground geophysics. Core drilling on 6 targets over a portion of
the Athabasca property was accomplished prior to the early spring breakup.
Results are currently being reviewed and additional exploration activities are
planned for the Summer 1998 program. Based on favorable structural
interpretation, the proximity to the Peace River Arch and indications of
quality magnetic targets, an additional 772,695 acres of land adjacent to the
Athabasca property has been acquired by the joint venture. This brings the
total landholdings under exploration by the joint venture to approximately 2.9
million acres. New Indigo together with Lytton Minerals can earn a 60%
interest in the diamond interests of this landholding by spending $4.9 million
over a four year period. This interest can be taken to 75% by completion of a
bankable feasibility study. To date $700,000 has been spent by the joint
venture partners, sufficient to meet their first year commitment.
The Annual General Meeting scheduled for March 12, 1998 took place as
planned in Calgary.
The Company has agreed to sell its investment in Klondike Gold Mining
Corporation, in the form of loans totaling approximately $6.7 million to
Glenmore Highlands Inc. for 1,500,000 Glenmore common shares at a deemed price
of $1.80 per share. The purchase price was determined on the basis of
prevailing market conditions and the recoverability of the loans in view of
the value of the underlying property.
The Companies' financial advisors, management and independent directors
are currently reviewing the documentation and fairness opinions for the
proposed amalgamation between New Indigo Resources Inc. and Lytton Minerals
Limited. Further announcements will be made in the foreseeable future on the
terms, exchange ratios and meeting dates for the proposed amalgamation.
As a result of the announcement to enter into an agreement to sell itsinvestment in Klondike Gold Mining Corporation (''Klondike Gold'') to GlenmoreHighlands Inc. (''Glenmore''), New Indigo has restated its third quarterresults to include the impact of a subsequent event. New Indigo has adjusted the previously stated carrying value of thisinvestment as at March 31, 1998. Accordingly the loss for the quarter of$553,954 as stated in a press release dated May 11, 1998 has been increased bythe amount of the adjustment of $4,385,882, resulting in the amended loss forthe period of $4,939,836. The amended loss per share for the third quarter is$0.35 per share and not $0.04 as stated earlier. As this adjustment is anon-cash charge, it has no effect on New Indigo's cash balance at March 31,1998.
Regards |
