Agau Resources - Alberta Diamond Property Exploration Update, Purchase of Eagle Mineral Claims Interest
EDMONTON, ALBERTA--Agau Resources, Inc. ("Agau") and 695491
Alberta Ltd. ("Vendor") report that a ground crew has successfully
completed a magnetometer survey of a number of sites on the Spirit
Ridge property that were previously identified from satellite side
radar imagery, aeromagnetics and airborne infrared photographs.
Shallow soil samples were collected from eight of the most
promising locations identified by the magnetometer survey.
Olivine clays, an indicator that lava rock may be present, were
encountered at four of the locations. A preliminary microscopic
assessment by Agau found two possible kimberlite indicator
minerals from one location and a single possible indicator mineral
from a second location. The samples will undergo detailed
analysis prior to determining actual targets for further extensive
exploratory work. Results of the soil sample analysis are
expected within the next month.
The Spirit Ridge property, located in the Peace River District of
Alberta, was the subject of a January 19, 1998 news release
wherein Agau and the Vendor announced they had entered into a
letter of intent whereby Agau will purchase mineral permits on
approximately 21,000 acres and obtain an option on an additional
nine townships, approximately 200,000 acres. The definitive
agreement is expected to be executed shortly. The area in which
the property is located is currently subject to intense diamond
exploration activity.
Agau also announces that effective January 23, 1998 Agau acquired
a 25 percent interest in six mineral claims containing 5,331.9
acres, known as the Eagle mineral claims, located on the south
shore of Tchentlo Lake, about 210 km north of Prince George, in
the Omineca Mining Division of British Columbia. Consideration
for the interest was $22,500, paid at time of closing, and a note
for $35,000 payable in one year, without interest.
Agau's wholly owned subsidiary, 722380 Alberta Ltd. ("722380")
holds an option on the Eagle claims under which a payment of
$22,500 was due to the vendor of the 25 percent interest on
December 31, 1997 with further payments of $35,000 and $82,500 due
on December 31, 1998 and 1999 respectively. Those payments have
now been eliminated. In conjunction with the purchase by Agau,
option payments due to the owner of the remaining 75 percent
interest in the Eagle claims were reduced and rescheduled as
follows:
/T/
Previous Revised
-------- -------
December 31, 1997 $ 67,500 $ 22,500
December 31, 1998 $105,000 $ 40,000
December 31, 1999 $247,500 $ 65,000
December 31, 2000 - $247,500
/T/
Agau is a Canadian mineral exploration company based in Edmonton
with a listing on The Alberta Stock Exchange.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Agau Resources, Inc.
Einar Myrholm
President
(403) 413-9392
THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED
THE INFORMATION CONTAINED HEREIN. |
