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VEC gets 100% of emerald producing mine!
Re: Vantage gets 100% of emerald producing mine!
Subject: Vantage gets 100% of emerald producing mine!
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NEWS RELEASE
November 26, 1996
VANTAGE REACHES AGREEMENT TO PURCHASE
PRODUCING EMERALD PROPERTY
VANTAGE ENTERPRISES CORP., ("Vantage") currently a major amethyst producer
in Zambia, is pleased to announce that it has reached an agreement in
principle to purchase 100% of the shares of a private Zambian Company which
owns Plot 13, considered to be one of the most coveted producing emerald
properties, within the Kafubu Emerald Fields of Zambia.
The essential terms of the agreement are that Vantage will pay US$250,000 on
closing and issue a total of 200,000 common shares (which will be subject to
a one-year hold period). The vendor will receive 15% of the net profits
realized from the production and sale of emeralds for the next eight years
such payment not to exceed a maximum of US$10 million. After which time
Vantage will realize 100% of the net profits. A maximum finder's fee will
be paid pursuant to the policies of the Vancouver Stock Exchange.
The plot is about 200 hectares and is located in the Kafubu Emerald Fields,
Southwest of the Copperbelt, about 50km from Kitwe. The property can be
reached through Kalulushi and has good access. The world famous Kamalanga
Mine of Kuber Minerals and Metals lies within the belt and adjoins the plot.
The Kafubu Emerald Belt in Zambia represents one of the world's most
important sources for emeralds. Zambian emeralds are very popular in the
world because of their deep green color which is due to the high refractive
index. These emeralds command a higher price relative to diamonds. At
present there is a shortage of Zambian emeralds in the world market, thus
placing Vantage in a favorable position in terms of demand and supply.
.../2
News Release
November 26, 1996
Page Two
In Plot 13, the occurrence of beryl in pegmatites has been reported by a
local geological consulting group. A total of 10 pits within the property
have been opened and confirmed the presence of favourable geology and
presence of tourmaline bearing pegmatites with beryl mineralization.
Geophysical modelling based on known geology has already yielded positive
results from studies carried out by special consultants engaged by Vantage
and detailed evaluations will be undertaken to develop a plan for production.
This acquisition which is subject to filing and acceptance of formal
documentation with the appropriate Securities Regulatory Authorities, will
further enhance management's mission statement of continuing to source
exceptional geological properties which will make Vantage a world leader as
a producer and manufacturer of precious and semi-precious gemstones.
Dated at Vancouver, British Columbia, this 26th day of November, 1996.
_______________________________________
Dil Gujral
President & C.E.O.
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents of this News
Release. |
