Some info that I just foud may help you out with Hinton Area. Also for your info they drilled a number of geophysical targets (magnetic I believe) and did not find any kimberlites. They were following up diamonds that they had reportedly recovered from streams in the area.
October31, 1997 TROYMIN RESOURCES LTD. NEWS RELEASE
EXPLORATION UPDATE
Symbol TYR-ME,ASE U.S.12G3-2(b)#82-3503
Joint Venture Partners to Review Geophysical Data on Hinton Mineral Permits
in Alberta
Troymin Resources Ltd. (TYR-ME, ASE), New Claymore Resources Ltd., and Montello Resources Ltd., (the "Companies") are pleased to announce that they have collectively entered into a joint venture agreement (the Agreement') with a private Alberta Oil and Gas Corporation whereby the Companies will be allowed to view certain aeromagnetic and seismic data which could assist the joint venture in identifying kimberlite pipes. This date pertains to the entire block of mineral permits (the "Property") located near Hinton, Alberta which are jointly owned by the Companies. The ownership interests of each of the Companies in the permits comprising the Property varies, but generally approximates 60% New Claymore, 35% Montello and 5% Troymin.
Certain of the permits were previously subject to an option agreement with Kennecot Canada Inc. who has agreed to waive all of its interests and rights under such agreement in exchange for retaining a right of first refusal on disposition by the Companies of their interests in the Property. The right of first refusal expires September 15,1998.
Pursuant to the terms and conditions of the Agreement, the Companies have the right to access and inspect the geophysical data and interpretation thereof. If the Companies decide to use the data, consideration will be paid in two stages. Upon notification that they intend to use the data, the Companies must issue collectively $150,000 of their shares pro-rate based on the October 29, 1997 closing market price of each of the Companies' shares and fund (pro-rata) a $250,000 exploration program which will include drilling. Upon completing the drilling program, should the Companies wish to continue work on the Property, they must issue a further collective $450,000 of their shares (pro-rate) and transfer a carried (to a bankable feasibility study) 10%
interest in the Property to the private Alberta Oil and Gas Corporation.
If the Companies collectively or individually determine not to proceed with exploration, then the private Alberta Oil and Gas Corporation has the right to earn a 60% interest in the Property, or selected permits within
the Property, from the Companies by expending $5 per acre on those permits
on or before September 1,1998.
The joint venture Agreement is subject to the approval of all regulatory authorities having jurisdiction over the agreement.
FOR FURTHER INFORMATION, PLEASE CONTACT:
CALGARY VANCOUVER
Jack 0. Mccleary (403)298-0252 Tom Boychuk (804)681-7610
Fax: (403) 262-8786 Fax: (604) 689-7645
E-mail: troymin@troymin.com 1-800-557-1545
website: http ://www.troymin.com
This information has neither been approved nor disapproved by the Alberta
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