Ron, did you see this yesterday: Best to all.
Mosquito Consolidated Gold Mines -
Mosquito option agreement with Namibian Copper Mines
Mosquito Consolidated Gold Mines MSQ
Shares issued 13,254,009 1999-06-22 close $0.2
Tuesday Jun 22 1999
Mr. Brian McClay reports
Mosquito Consolidated Gold Mines, through its wholly owned Cyprus-based subsidiary, Mosquito Mining Ltd., has entered into an option to purchase agreement with Namibian Copper Mines Inc. (NCMI-OTCBB) of Sydney, Australia.
Mosquito has granted Namibia the right to purchase all of Mosquito's interests in its agreements with the Russian joint-venture stock company, Alrosazoloto as announced in Stockwatch, Feb. 12, 1997. Alrosazoloto is a wholly owned subsidiary of Almazy Rossii Sakha, which operates all the diamond mines of Russia and is responsible for approximately 26 per cent of the world's diamond production. Under the option agreement, subject to a 120-day due diligence period, Namibia will pay Mosquito $3.25-million (U.S.) for its interests. Mosquito has the option to accept shares in NCMI in lieu of cash.
Alrosazoloto (51 per cent) and Mosquito (49 per cent) formed a Russian joint-venture stock company, Minvest, for the purpose of developing a diamond-cutting plant in Sakha, located in the Russian Federation and marketing diamonds both in Russia and internationally. Alrosazoloto has the right to purchase and cut rough diamonds in unlimited quantities.
NCMI intends to establish an Internet diamond-marketing Web site offering polished stones to the global wholesale and retail market. Through NCMI and the Internet, Mosquito will have the opportunity of participating in the establishment of a Web-based e-commerce diamond marketing and production group having major advantages over the traditional marketing methods of the industry.
Major cost benefits that it will pass on to consumers arise from the diamonds being cut and polished at the Siberian source. This result in the ability to acquire finished product from much-devalued economy possessing a skilled and low-cost labour force. Through Internet marketing NCMI will be able to pass on further savings associated with costly retail infrastructures.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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