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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge
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To: Daytek77 who wrote (8210)5/14/2002 9:18:44 PM
From: Al Collard   of 11802
 
KRI-v...in the news:

Continental Ridge arranges $75,000 financing

Tue 14 May 2002

Mr. Brian Fairbank reports

PRIVATE PLACEMENT FINANCING, UPDATE ON DRILL PROGRAM
Continental Ridge Resources has arranged the terms of a financing whereby
the company will place approximately 215,000 units, at a price of 35 cents
per unit, for gross proceeds of $75,000. Each unit is convertible into one
common share and one-half common share purchase warrant, each full warrant
entitling the holder to purchase one additional common share at 35 cents
per share for a period of one year. All shares taken up will be subject to
a hold period in accordance with the applicable securities laws. The
company reports that a certain director of Continental Ridge arranged the
sale of 58,000 common shares at a price of 35 cents per share through the
facilities of the Canadian Venture Exchange. The proceeds from this sale
will be used to participate in the private placement. Proceeds of the
private placement will be used for evaluating possible acquisitions of
other geothermal sites in Nevada and California and for general corporate
purposes.
Drilling progress update
Continental Ridge president Brian Fairbank has just returned from visiting
the Deep Blue No. 1 drill site on the Blue Mountain geothermal property in
Nevada. He reports that the deep drill program is proceeding as planned,
albeit slowly, due to encountering highly fractured rock formations.
Fractured, permeable rocks are desirable in a geothermal reservoir because
they allow for increased flow rates of hot water into the production wells.
An additional two weeks may be required to complete the drill program due
to the broken ground conditions. A 10-1/2-inch casing has been cemented
down to 50 feet and seven-inch casing was cemented in a 10-inch hole down
to 320 feet. A 6-1/2-inch hole is currently being drilled to the total
depth of 2,000 feet to set 4-1/2-inch casing.
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