More News:
FOR: COLUMBIA YUKON RESOURCES LTD.
ASE SYMBOL: CYR
MAY 12, 1998
Columbia Yukon Resources: Acquisition of Liberty Bell
Mining Company
VANCOUVER, BRITISH COLUMBIA--Columbia Yukon Resources Ltd. (the
"Company") reports that it has concluded the acquisition of
Liberty Bell Mining Company ("LBM"), a private Nevada corporation,
by way of the merger of a subsidiary of the Company (incorporated
for this purpose) into LBM. Under the terms of the merger, the
Company issued 5,901,600 common shares, on a one for one basis, to
the shareholders of LBM. These shares are subject to a hold
period expiring on May 11th, 1999. A further 850,000 common
shares will be issued at such time when a receipt for a prospectus
has been issued by the B.C. Securities Commission, or other agreed
upon securities commissions. If a receipt for a final prospectus
is not issued by July 15, 1998, or such other date agreed upon by
the parties, the Company shall issue the appropriate share
certificate legended with a hold period of one year. Pursuant to
a voluntary escrow agreement between the Company and certain
shareholders, 750,000 common shares will be subject to escrow
provisions and releasable on the basis of exploration expenditures
incurred. In addition, 675,160 stock options with an exercise
price of $0.25 were granted to directors and officers of the newly
merged subsidiary.
The shareholders approved the acquisition and related transactions
at a special meeting of shareholders held February 12, 1998.
This merger will expand CYR's current undivided 20 percent
interest in the property to 100 percent interest in a large, and
highly prospective gold property located in the Bonnifield Mining
District, approximately 60 miles southwest of Fairbanks, Alaska.
LBM directly holds 26 Alaska state mining claims and directly
holds, through three separate leases (with options to purchase)
made with third party lessors, 258 Alaska state mining claims.
All 284 Alaska state mining claims are located in the Nenana
Recording District of Alaska. The property is approximately 47
sq. Km (18.0 sq. miles) and has an indicated resource potential of
250,000 ounces of gold identified in two defined areas. A further
seven mineralized targets have been identified and future drilling
programs have the potential to expand the gold resource
significantly.
In connection with the merger, Mr. John Eichenauer of LBM was
appointed to the Board of Directors of the Company.
ON BEHALF OF THE BOARD OF DIRECTORS
Douglas L. Mason, Director
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Columbia Yukon Resources Ltd.
Douglas L. Mason
Director
(604) 683-3070
(604) 683-2308 (FAX)
Toll Free 1-888-888-9122 CDN, 1-888-888-9123 USA
columbiayukon.com
|
