I like this, George the Geologist, He sure is right Here,IMO.
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Mullenbach who wrote (53)
From: George Castilarin
Wednesday, Jul 21 1999 9:57AM ET
Reply # of 213
Here is another company active in Honduras that just cut a deal with a major. The last trade was at $0.19 and the
deal includes a placement at $0.45 that should produce a jump in price. Standard should try to do the same.
Maya and Billiton Sign Letter of Intent
SPOKANE, WA, July 20 /CNW/ - William R. Green, Chairman and CEO of Maya
Gold Limited (MAY.ASE) is pleased to announce that Maya has signed a letter of
intent to enter into a strategic alliance with Billiton Exploration Canada
Ltd. (A subsidiary of Billiton Plc). Subject to due diligence and the
approval of the respective Boards of Directors of both companies, Billiton
will complete a private placement financing, and acquire an option on Maya's
El Triunfo concession in Honduras, Central America.
Under the agreement Billiton will purchase 1,666,666 units at a price of
C$0.45 per unit, for a total investment of C$750,000. Each unit will consist
of a common share and one non-transferable warrant. Each warrant will entitle
Billiton to subscribe for one additional common share at a price of C$0.55
during the first year, and C$0.75 per share during the second year of the
agreement.
Billiton's investment will be used primarily for exploratory drilling at
Maya's Los Lirios copper/gold target. A portion of the funds will be used for
reconnaissance exploration in the surrounding El Triunfo concession, and for
general working capital purposes. As part of the financing, Billiton will have
one year to exercise an option to enter into an agreement whereby it may earn
a 51 percent interest in the El Triunfo concession by spending an additional
C$2.25 million over a three year period. Billiton may secure an additional 19
percent interest by providing Maya with project financing to the start of
commercial production from the property. In addition, Maya will grant Billiton
a limited anti-dilution right with respect to future equity financing.
Maya's Chairman and CEO, William R. Green, states that, 'We are pleased
to have established a working relationship with a company of Billiton's
stature. This agreement will allow Maya to carry out a substantial drill test
of its highly prospective Los Lirios copper/gold target. Perhaps more
importantly it will establish the basis of a continuing relationship which may
lead to joint efforts on other exploration opportunities in Latin America.'
Maya Gold Limited is mineral resource company engaged in the acquisition,
exploration and development of base and precious metals in Latin America.
Currently Maya holds exploration concessions covering approximately 300,000
acres in the Republic of Honduras. %SEDAR: 00008840E
-0- 07/20/1999
For further information: please contact William R. Green, Chairman and CEO at
509-838-2407
the news on Honduras is very positive over the long term. IMO. Somebody is going to want to drill that BIG NEW anomaly |
