APPROVAL from the VENTURE EXCHANGE
Mandorin Receives TSX-V Approval For Its Diamond Search Transaction
9/16/03
Mr. Malcolm L. Stevens, Chairman and President of Mandorin Goldfields Inc. (TSX-V symbol: MGD) is pleased to announce the following.
On September 15, 2003 Mandorin received confirmation for the TSX - V that the license agreement between Mandorin and UniQuest (the commercialization arm of the University of Queensland) is acceptable to the Exchange.
For reference the Mandorin news release, dated April 28, 2003, is extracted in full below.
Diamond Search Project
Mandorin has signed, today (April 28, 2003), arms length Licence and ancillary agreements with UniQuest Pty Limited, the commercialization arm of the University of Queensland, whereby Mandorin gains exclusive worldwide rights to previously unexplored diamond exploration targets identified using a new exploration model or paradigm.
Mandorin is gaining access to an exploration model it anticipates will provide it with a competitive advantage in its exploration activities.
Once TSX Venture Exchange regulatory approval is gained and, subject to the acquisition of 'rights to explore', exploration on eight prospective diamondiferous properties in Australia and Canada is proposed. The 'rights to explore'these areas are being pursued and are subject to regulatory approval by the appropriate authority. The exploration programs, using the new model will encompass target generation/identification, field geological investigation and drill testing of kimberlite / lamprolite targets.
The consideration for the acquisition of the Licence is a mixture of cash, shares and a royalty. The shares amount to 10% of the issued capital at the time regulatory approval is obtained. The cash consideration is payable over eighteen months with extensions available to Mandorin at additional cost. Upon final payment, Mandorin obtains a 20 year licence.
On behalf of Mandorin Goldfields Inc. 'Malcolm L. Stevens'Chairman and President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT: Mandorin Goldfields Inc. Malcolm L. Stevens +612 9247 5355 +612 9247 5344 (FAX) Email mls@canaustra.com.au |
