News Release - October 23, 1997
Goldhunter Reached Agreement With Findore Minerals
GOLDHUNTER EXPLORATIONS INC ("GH-Y")
FINDORE MINERALS INC. ("FNDR-Z;FIMIF-L")
- Goldhunter Reached Agreement With Findore Minerals
Mr. Stanley G. Hawkins, President of Goldhunter Explorations Inc. ("Goldhunter") is pleased to announce that it has reached an agreement with Findore Minerals Inc. ("FMI") to option a 50 percent working interest in Goldhunter's recently acquired two (2) unpatented mining claim blocks in Sheraton Township (the "Property") to FMI in consideration for the payment by FMI to Goldhunter of $20,000 in cash and the issuance to Goldhunter of 50,000 common shares of FMI in accordance with Ontario Securities Commission ("OSC") Policy 5.2 ("Policy 5.2") . FMI can earn its 50 percent working interest by expending an aggregate of $280,000 on exploration of Goldhunter at the rate of $70,000 every six (6) months commencing January 1, 1998. FMI or its wholly-owned subsidiary, FMI Gold Resources Ltd., and Goldhunter will then enter into a joint venture for the further exploration and development of the Property. FMI may withdraw from the agreement at any time provided it issues 50,000 common shares of FMI to Goldhunter. Goldhunter will pay a finder's fee of 35,000 common shares to an arm's-length finder pursuant to Policy 5.2. The transaction is subject to regulatory approval.
TEL: (416) 368-9411 Mr. Stanley G. Hawkins, President
Goldhunter Explorations Inc.
TEL: (416) 368-4411 Mr. Peter Purcell, Vice-President -
Corporate Development
Goldhunter Explorations Inc.
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