Hi all,
We have a JV ,todays press release
STARPOINT GOLDFIELDS INC.
2323C Dollarton Highway
North Vancouver, B.C. V7H 1B2 Canada
Email: sts@starpoint.com
Tel: 604-929-7182 Fax: 604-929-9152
* * * N E W S R E L E A S E * * *
Vancouver, B.C. June 15, 1999, Global Explorations Corporation (GXC:VSE) and Starpoint Goldfields Inc. (STS:VSE) wish to announce the formation of a joint venture whereby Global will establish a 50% interest in alluvial mining operations of three properties currently owned by Starpoint in the Democratic Republic of Congo.
The alluvial mining operations, geared towards the exploitation of diamonds and gold, will be conducted on the Tele, Panga and Ngayu West concessions in the Province Orientale region of the Congo.
Whereas, Starpoint has previously conducted geological surveys on its properties, it has suspended measures to comprehensively delineate reserves due to the unstable political situation in the Congo. The agreement with Global will allow the exploitation of alluvial deposits while awaiting the emergence of conditions conducive for extensive exploration work on Starpoint's concessions.
Global's participation with Starpoint is subject to a binding agreement, anticipated to be signed within 30 days, following site visits by Global's representatives in Africa. Furthermore, Global's participation is driven by the objective of establishing cash flow oriented, limited risk operations where overall conditions do not justify substantial work programs of an exploratory nature.
The region identified by the concessions owned by Starpoint has attracted small scale alluvial mining over many decades. Under the terms of the joint venture, Global's participation will, at present, be restricted to alluvial mining operations with Starpoint retaining its right to develop the properties whenever the political and security situation permits.
Though Starpoint has forwarded certain geological reports to Global, such reports were not prepared from the perspective of alluvial mining.
This press release contains certain forward-looking statements. Given the inherent risks and uncertainties in such statements, the Company makes no representations implying that such statements will ultimately be proven true.
ON BEHALF OF THE BOARD OF DIRECTORS
STARPOINT GOLDFIELDS INC.
Harry Z. Bristman,
Chairman & C.E.O.
The Vancouver Stock Exchange has neither approved nor disapproved of the contents |
