Hello! Ed and John,
In my opinion! you guys are computer wizards!
( But! Just my opinion!) --I had a hunch that John would like it!
January 15, 1998 CBM #98-1
U.S. 12g #82-4669
PRESS RELEASE
Cambridge Minerals Ltd. ("Cambridge" or the "Company") announces that it
has reached an agreement in principle with President Mines Ltd.
("President") whereby Cambridge has granted President the right to earn a
50% undivided interest in six contiguous Metallic and Industrial Mineral
Permits (the "Bearhead Creek Prospect") which the Company has under option
from 702261 Alberta Ltd. (see Press Release CBM #97-12). The Bearhead
Creek Prospect is located 70 kilometers due west of Utikuma Lake and
encompasses approximately 135,000 acres.
As consideration for granting the option, the Company will receive from
President a cash payment on signing of $25,000, an additional cash payment
of $10,000 on or before January 31, 1998, and be issued 50,000 common
shares of President on closing, subject to VSE approval. President must
also make a further cash payment of $35,000 on or before December 31, 1998,
and issue 150,000 common shares of President to Cambridge over the next 18
months, subject to VSE approval. In addition, President must also incur
exploration expenditures of $560,000 over two years and undertake certain
obligations of the underlying option agreement with 702261 Alberta Ltd.
Upon President completing its exploration expenditures, a joint venture
will be formed between the two companies, with Cambridge as operator.
Subject to the approval of the Alberta Stock Exchange, the Company will
issue a finder's fee of 25,000 warrants, entitling the holder to purchase
25,000 common shares of Cambridge at $0.25 per share, expiring one year
from the issue date.
An airborne geophysical magnetic survey has been contracted to be flown on
the Bearhead Creek Prospect and is expected to commence on or about January
19, 1998.
CAMBRIDGE MINERALS LTD.
Signed "Robert G. McMorran"
Robert G. McMorran, C.A.
President
For further information please contact:
Jackie Muirhead - Manager, Investor Relations
Tel: (604) 688-2321 Fax: (604) 684-0642
Toll free: 1-888-303-3232
e-mail: info@cambridgeminerals.com |
