(on topic) Dave went to top of hill and started a snowball aRolling...
Tyhee Development Corp. 10/4/99 - Financing
Quick Quote: V.TDC0.950 (+0.350)
TYHEE DEVELOPMENT CORP ("TDC-V") - Financing
Dr. D.R. Webb, President of Tyhee Development Corp. ("TDC"- Vancouver,
formerly Mongolia Gold Resources Ltd., the "Company") reports that,
subject to VSE approval, it has agreed to sell by way of a private
placement, 800,000 units at $0.50 per unit to raise $400,000. Each unit
consists of one previously unissued share and one non-transferable, two
year class B share purchase warrant. One share purchase warrant allows
the placee to purchase one previously unissued share of the Company in
the first year for $0.50, or one previously unissued share for $0.60 in
the second year. The funds will be used to continue to explore and
develop the Company's Russell Lake Property (see New Release Series 3,
numbers 113, 114, and 116), and for general corporate purposes.
The Russell Lake VMS Property is located 90 km (55 miles) west-northwest
of Yellowknife, Northwest Territories, Canada. It encompasses a recently
discovered Archean volcanogenic massive sulphide ("VMS") copper, zinc
and gold deposit, partially exposed as disseminated and massive
sulphides within a 200 metre (650 feet) thick by 1,600 metre (5,200
feet) long intermediate to felsic volcanic and chert horizon.
Recent results from the Russell Lake Property include a helicopter-home
geophysical survey that identified numerous massive sulphide-type of
anomalies in the area of the "East Massive Sulphide Zone" and the
"Isthmus Gold Zone". An intense magnetic anomaly 1,100 metres (3,550
feet) long, 200 metres (650 feet) wide corresponds to the known geology
of the VMS horizon and encompasses all of the exposed massive sulphides.
A 400 metre (1,300 feet) wide, 1,400 metre (4,500 feet) long conductive
zone is correlative with this zone. One conductor in the vicinity of and
on strike with an exposure of more than 50 meters (160 feet) of massive
and disseminated pyrrhotite containing visible chalcopyrite (copper) and
sphalerite (zinc) is modeled to be more than 60 meters (190 feet) thick.
The Company may earn up to a 60% interest in the Property from Fortune
Minerals Limited, and intends to continue exploration of the property
immediately. TEL: (604) 681-2877
Tyhee Development Corp. FAX: (604) 681-2579
Investor Relations INET : www3.stockgroup.com
TDC - TYHEE DEVELOPMENT CORP
Exchange: Vancouver
Delay: at least 15 minutes
Last Price: 0.95 at 14:59 EDT
Change: Up 0.35 (+58.33%)
High: 0.95 at 14:59 EDT
Low: 0.95
Open: 0.95
Previous Close: 0.60 on 10/8
Volume: 5,675
Currency Units: Canadian Dollar
Lets us shareholders hope that the hill is bare of a snow cover,
and as the small snowball travels downwards that it picks up debris
of the liken of gold and silver and other precious metals. It will
be allowed in spirit only to collect dirt from the country Mongolia
just so long as its clean dirt and not muddied with a nature to slow
or halt the progress to the rainbow's end of a promise landing.
doug |
