Complete E-mail from Mink
To Mink shareholders.
Attached is a copy of a News Release of Detec Resources which is self explanatory. Please allow me to give some additional information.
(1) We divided our Niaouleni Gold Property into two:
The Northern Section (that contains the Libre Plateau, South Niaouleni and Kankou Moussa Zones); and
The Southern Section (that contains the Goingoindougou Zone and some other deposits that we have not even explored yet).
We have granted an option to Detec to acquire an interest only in the Northern Section.
(2) Detec is a new "Venture Capital Pool" (VCP) company that has recently been listed for trading with the Vancouver Stock Exchange (December 1998). The Northern Niaouleni is the very first project Detec ever had.
(3) No matter how much we tried, we could not finance Mink directly - so we found another means to finance our gold project - through Detec. The undersigned personally negotiated, on behalf of Detec, the whole financing mentioned in the attached News Release.
(4) Detec, as a Company, will be the operator of the Niaouleni project. Nevertheless, we will personally be actively involved in the operations - as directors of Detec and mining engineer of the Company.
(5) Following exchange rules, Detec's shares are now halted for trading while the VSE reviews all documents pertaining to the subject transaction and corresponding financing. Upon the VSE's acceptance of the aforesaid, Detec's share will trade again - expected about two to three weeks from now.
(5) When the Mali operations are underway - at Detec's expense, Mink can then ask to have its shares re-listed for trading in the VSE. Albeit that this will involve some doing and could not happen immediately, we are glad to report that we were able to prevent our Company from going into complete oblivion.
(6) We still have our diamond project but that is another issue. Hopefully, like our Niaouleni gold project, we will also be able to report some positive news about our diamond project in the near future.
(7) I will be leaving for Mali this coming saturday, 26 June and will stay there for a month to initiate the re-opening of our our operations there. George Ssookochoff (george@mink.com) will be the contact person in Vancouver in my absence.
Please pass the news to other Mink shareholders whom you know. Thank you for bearing with us during our trying times.
O.L. de la Cuesta
President
|
