IDCN - gold, garnet, etc. Message Board

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Microcap & Penny Stocks : IDCN - gold, garnet, etc.

IDCN 0.00001000

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Mar 6 3:00 PM EST

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To: Chuca Marsh who wrote (5863)	11/14/1999 9:52:00 AM
From: Mr Metals	Read Replies (1) of 5908

Subj: Stockwatch US: IDCN Date: 11/12/99 2:20:30 PM Eastern Standard Time From: newsout@stockwatch.com To: GOLSILNIC@AOL.COM (Applies to: IDCN) Indocan Resources Property Acquisition VANCOUVER, British Columbia, Nov 12, 1999 (BUSINESS WIRE) -- Indocan Resources Inc. (OTC BB: IDCN) The Company has signed a Letter of Intent today to acquire 140,000 acres of mineral leases near Spirit River in Northwestern Alberta from Brian Testo of Grizzly Gold Inc. whereby Grizzly Gold retains a 15% carried interest in the property. The Company will pay Grizzly $1.00 per acre and issue Brian and Patricia Testo 500,000 shares of its Company Common Stock. Indocan Resources shall immediately spin-off the Spirit River project with a distribution of one share in Spirit River for each 100 shares held of Indocan Resources on a record date to be set in the next few weeks. Spirit River will come public on the OTC BB in the $1.00 to $2.00 price range sometime in early 2000. The Company will retain approximately 92% of the shares issued in Spirit River while the distribution to holders of record will be approximately 735,000 shares of Spirit River. The property was staked in early 1999 by Brian Testo on behalf of Grizzly Gold Inc. on a basis of abundant chrome diopsides recovered from a prior sample collected in 1998. TUL Petroleum who reported the existence of numerous indicator minerals in the region conducted prior diamond exploration work during the early 1990's. The Alberta Geological Survey (AGS) conducted limited sampling with the collection of 8 samples from 1993 to 1994. Two samples yielded a chrome dioposide and a third sample yielded 2 chromites. One of the chrome diopsides recovered yielded high Cr (1.73 wt%) and low Fe and is likely derived from a kimberlite or related intrusion. Since then Grizzly Gold has conducted further testing, the complete report of which will be posted on the Company web site this weekend at www.indocan.com. Copyright (C) 1999 Business Wire. All rights reserved. Distributed via COMTEX. -0- CONTACT: Jeffrey R Bruhjell 604/929-7224 WEB PAGE: businesswire.com GEOGRAPHY: INTERNATIONAL CANADA INDUSTRY CODE: MINING/METALS MERGERS/ACQ Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. ----------------------- Headers -------------------------------- Return-Path: <newsout@stockwatch.com> Received: from rly-za05.mx.aol.com (rly-za05.mail.aol.com [172.31.36.101]) by air-za05.mail.aol.com (v62.15) with ESMTP; Fri, 12 Nov 1999 14:20:30 1900 Received: from m48.canada-stockwatch.com (m48.canada-stockwatch.com [207.102.62.48]) by rly-za05.mx.aol.com (v63.6) with ESMTP; Fri, 12 Nov 1999 14:20:16 -0500 Received: from online (unverified [207.102.62.32]) by m48.cana

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