Expatriate Resources: Completed Purchase of Interest in Wolverine Joint Venture
VANCOUVER, BRITISH COLUMBIA--Expatriate Resources Ltd. (''Expatriate'') announces, further to its News Releases dated January 13, 1999 and March 4, 1999, that it has completed the purchase from Boliden Westmin (Canada) Limited (''Boliden Canada''), a subsidi ary of Boliden Limited (''Boliden'') of Boliden Canada's 60 percent interest in the Wolverine Joint Venture and certain wholly-owned properties in the Finlayson Lake District of the Yukon with the issuance today of 3,750,000 common shares of Expatriate to Boliden Canada. An additional 1,000,000 common shares of Expatriate are issuable to Boliden Canada at its request after closing to complete the payment of the consideration for this acquisition. All shares issued or to be issued to Boliden Canada in re spect of this acquisition are or will be subject to a hold period which expires on July 30, 1999.
In conjunction with the closing, John Sibley has been appointed to Expatriate's Board of Directors. Mr. Sibley is a partner at Bull, Housser & Tupper of Vancouver, specializing in all aspects of mining and securities law. He has broad experience in num erous large corporate financings, mergers, takeovers and acquisitions. He is a director of Boliden Canada and acts as its general B.C. counsel.
With the completion of the purchase of Boliden Canada's interest in the Wolverine Joint Venture, Expatriate can implement joint venture plans to realize the value of the Wolverine Deposit and surrounding exploration lands. Details of these plans are exp ected to be released by Expatriate and its co-venturer, Atna Resources Ltd., shortly.
Expatriate also announces that it has completed the purchase of a 100 percent interest in the Hyland property from Boliden Canada with the issuance today of 100,000 common shares of Expatriate to Boliden Canada, which shares are also subject to a hold pe riod which expires on July 30, 1999. This completes the acquisition announced March 11, 1999.
The Hyland property represents an attractive gold exploration target within the Yukon portion of the rapidly expanding Tintina Gold Belt. The extent of gold-arsenic-bismuth soil geochemical anomalies, abundance of mineralization and intensity of alterat ion suggests a large mineralized system with potential for significant gold mineralization.
With the closing of the acquisitions referred to above, Boliden through its subsidiaries has increased its share ownership in Expatriate to 7,050,500 common shares, or 49.14 percent of Expatriate's currently issued and outstanding 14,347,500 common share s.
Expatriate is a VSE-listed junior natural resource company which has extensive mineral interests in the Finlayson Lake District in Yukon, is engaged in international mineral exploration, and owns proprietary metal leaching and sulphuric acid technology.
(See Expatriate's website at: www.expatriateresources.com).
This press release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control and actual results may differ materially from the expected results.
EXPATRIATE RESOURCES LTD.
Dr. Harlan D. Meade, President
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Contact:
Expatriate Resources Ltd.
Dr. Harlan Meade
President
(604) 688-2568
(604) 688-2578
Website: www.expatriateresources.com |
