BMA Mining Corp BMA
Shares issued 2,388,815 Nov 11 close $0.70
Wed 12 Nov 97 News Release
Also Northpoint Resources Ltd (NPR)Mr Donald Huston and Mr David Duval report
BMA Mining Corporation ("BMA") announces that it has assigned to Northpoint
Resources Ltd. ("NPR") 50% of its option to earn a 100% interest in eight
claim units located in Sheraton Township, Timmins Mining Camp. The claims
are located on the southern boundary of the Cross Lake property where high
grade zinc, copper and silver values were reported in a recent drill
program.
Pursuant to the terms of the agreement, Northpoint will make aggregate
payments of $40,000 to BMA Mining over a four-year period, representing 50%
of its acquisition costs for the claim units. In addition, Northpoint will
issue up to 200,000 common shares to BMA Mining on the following basis:
50,000 shares upon signing; 50,000 shares following the completion of
$50,000 in work expenditures; a further 50,000 shares following an
aggregate of $100,000 in work expenditures; and 50,000 shares following
aggregate expenditures of $175,000.
Two airborne geophysical anomalies are known to exist on the northern
portion of the BMA/Northpoint claim units and the Cross Lake fault
traverses the property diagonally from northwest to southeast. BMA recently
implemented a program of line cutting plus an Induced Polarization survey
to identify targets for a diamond drilling program. Work to date has
established the presence of sulphide mineralization on the property
including chalcopyrite in surface outcrop.
The above agreement is subject to regulatory approval.For further information:
BMA Mining Corporation#1480 - 885 West Georgia StreetVancouver, B.C. V6C 3E8
Trading Symbol: BMA-VSEE-Mail:bma@ninetyeight.comNorthpoint Resources Ltd
#1480 - 885 West Georgia StreetVancouver, B.C. V6C 3E8Trading Symbol: NPR-VSE
E-Mail:bma@ninetyeight.com |
