To all,
Thought you might be interested in this latest news release.
Bob
jaba.com
NEWS RELEASE
October 22, 1998
JABA BANKS US$200,000 IN SETTLEMENT OF ROYALTY CLAIMS
JABA Inc. is pleased to announce that the Company has reached a final
settlement with Glamis Rand Mining Company involving disputed royalty
and accrued interest claims. JABA has received US$200,000 from Glamis
in a cash settlement of these obligations. Together with existing cash
resources, this will provide ongoing funds for operating activities and
overhead costs.
This is the final royalty payment from a discovery in the Randsburg
Mining District, Kern and San Bernardino Counties, California, which was
first visited and recommended by Jim Briscoe in 1967. The land was
acquired by James A. Briscoe & Associates, the predecessor to JABA Inc.,
in the early 1980s, for Westland Minerals Exploration, Inc., a company
in which James A. Briscoe & Associates Inc. owned a 35% interest. The
interest in Westland Minerals was sold subject to a continuing royalty
and Glamis Rand Mining Company subsequently put this area into
production as part of its Rand Mines. This payment satisfies the
remainder of the royalty due JABA Inc. JABA continues to hold two
exploration targets within this old bonanza gold/silver/tungsten
district, which are the Red Mountain (gold/silver) and Keltolia
(gold/silver/tungsten) projects. JABA is optimistic that further
resources will be developed on the Red Mountain and Keltolia projects.
On behalf of the Board of Directors
James A. Briscoe
Chief Executive Officer
The Alberta Exchange has neither approved nor disapproved the
information contained herein
--
Mardee S. Briscoe
Vice President/Business Mgr.
JABA (US) Inc.
2766 N. Country Club Rd.
Tucson, AZ 85716
(520)327-7440 voice
(520)327-7450 fax
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