Jan. 9 - XEM.MSE - Acquires Additional Claims
I- Mexican Acquisition:
Xemac Resources Inc. is pleased to announce the acquisition of
one- third of the holdings of Seville Mineral Developments of
Tijuana, Mexico, in five mineral properties in Mexico's Baja Norte
state. The five properties are:
a) Loma de Oro, a 3,099 ha oceanside concession south of Ensenada
with widespread surface gold values occurring in quartz vein
stockworks;
b) San Antonio, a 3,000 ha concession south of Loma de Oro with
widespread surface copper values;
c) La Turquesa, a 257 ha concession east of Rosario which has
been subjected to limited surface geological investigation to
establish the potential for a phorphyry copper below an exposed
leach cap, and which has attracted the attention of several
majors;
d) El Volcan, a 4,000 ha gold exploration property on the east
side of the Baja peninsula, east of La Turquesa.
e) Yubay, a 646 ha concession surrounding a past producing high
grade gold deposit west of Bahia de los Angeles;
Xemac may obtain its interest by making three payments totaling
$80,000.
II- Lacroix Township, Barry Lake Area, Quebec:
Xemac has recently purchased a 17 claim group in Lacroix Township
from Mr. Leo Audet. The company will pay $25,000 cash and issue
60,000 shares to Mr. Audet, who will also retain a 2 percent NSR
interest in future production from the claims, of which 1 percent
is subject to a buyback for $1 million. The Lacroix claims are
located approximately 7 km NE along strike of the company's Barry
Lake claims. These latter claims have yielded the company's
exciting 1997 gold discoveries (13.2 m of 13.5 g/t Au and 8.4 m of
12.4 g/t Au) where exploration is currently in progress.
III- Financing
The company closed its 1997 financing by prospectus. The second
closing yielded $168,004, composed of 159 "A" units @ $900.40 and
5 "B" units @ $4,968.00. The total for the two closings of the
prospectus is $ 799,966.
All of the above acquisition agreements are subject to the
approval of the Montreal Stock Exchange.
The corporation is a junior mining exploration company whose
objective is to find and develop viable mineral deposits.
FOR FURTHER INFORMATION PLEASE CONTACT:
Xemac Resources Inc.
Robert C. Bryce
President
(819) 824-6678
(819) 874-6202 (FAX)
or
Xemac Resources Inc.
John Sawarin
Investor Relations
1-888-886-9678
(519) 439-9392 (FAX) |
