Major General, Dia Met and Ascot finalize Homerun agreements
Major General Resources Ltd MGJ
Shares issued 39,262,163 Oct 1 close $0.17
Mon 4 Oct 99 News Release
Also Ascot Energy Resources Ltd (AER)
Also Dia Met Minerals Ltd (DMM.B)
Mr. William Coulter reports
The Dia Met/Major General/Ascot Resources letter agreements have been
finalized. Dia Met Minerals has satisfactorily completed its due diligence
in the 30-day period allowed since conditionally signing the agreements.
Major General has received $24,374 for the Homerun property, while Ascot
and Major General have each received $4,063 for the 50/50 Mariner property.
Dia Met can earn a 51-per-cent interest in each of the properties by making
exploration expenditures of $4.5-million and $2.5-million.
Operationally, Dia Met has completed a substantial field program on the
Victoria Island properties. On the Mariner joint venture, 542 till samples
were collected and 34.3 line kilometres of ground magnetic surveys were
completed. On the Homerun project, 445 till samples were collected.
The 987 till samples are en route to CF Minerals Laboratory in Kelowna,
B.C., where processing will begin shortly for diamond indicator minerals.
CF Minerals Laboratory is operated by Chuck Fipke, a principal of Dia Met
and a co-discoverer and part owner of the Ekati mine.
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