Pipher
PIFHER RESOURCES ACTIVE
Tuesday, June 29, 1999, 11:43 AM EDT
TORONTO, ONTARIO
Pifher Resources Inc. (the "Company") is pleased to announce
that it has now completed 71 kilometers of line cutting and
detailed magnetometer and VLF electromagnetic surveys, at 50
meter intervals, on its original 26 unit claim mineral property
in Pifher Township, Ontario.
A detailed geological mapping program is well underway and
pursuant to geological interpretations thus far, the Company
has staked an additional thirty claims, adjacent to the
original property. The company also entered into an arms-length
agreement with Spruce Ridge Resources Ltd. to acquire a 100%
interest (subject to a 1% Net Smelter Royalty) in a further 28
unit claims, also contiguous to the original property for a
total price of $30,000 cash. The deal is expected to close on
or before July 25, 1999.
The Company's property, which upon completion of the deal with
Spruce Ridge will comprise 84 unit claims, overlies the nose of
a large, ultramafic intrusive, that has the potential to host
Nickel, Cobalt and Platinum-Paladium Group minerals. Diamond
drilling is expected to be commenced by sometime in August on
several magnetic and electromagnetic anomalies that have been
detected.
For further information, please contact Gary Conn, President
and Director, at (519) 858-8188 or Martha McGroarty, Secretary,
at (416) 360-4031.
-30-
Issued Capital: 2,941,100 Common Shares
Fully Diluted: 3,260,000 Common Shares
PIFHER RESOURCES INC.
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© 1999 BCE Emergis
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