NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: PURE GOLD MINERALS INC.
TSE SYMBOL: PUG
NOVEMBER 15, 1999
Pure Gold Minerals Inc. Announces Drilling Started In
Northern Ireland
VANCOUVER, BRITISH COLUMBIA--Donald R. Sheldon, President & CEO of
Pure Gold Minerals Inc. (PUG : TSE) is pleased to announce that
drilling has commenced on the "Larne Project" in Northern Ireland.
The first well was spudded on November 14, 1999.
The 350 square kilometers Larne Licence is located within the
Larne basin, which is analogous to offsetting basins containing
large oil and gas pools such as Morecambe Bay (7 trillion cubic
feet) Corrib (1 trillion cubic feet) and Liverpool Bay (up to 200
million barrels). The Sherwood sandstone, which forms the
reservoir in all the offsetting oil and gas pools, is known to be
over 600 meters thick in the Larne basin and has excellent
porosity and permeability.
The three slim holes that will be drilled will test distinct
seismic targets that correlate with known production in the
offsetting basins. There is excellent infrastructure and a growing
local market for natural gas in Ireland.
The drilling program is expected to be completed before the end of
the year. Updates will be provided as available.
Antrim International is the operator of the program.
REMINDER: RIGHTS TO EXPIRE NOVEMBER 15, 1999
The Company wishes to remind shareholders that Rights to purchase
an aggregate 7,035,202 Units of the Company, priced at $0.16 per
Unit, and consisting of 1 common share and 1/4 of one Series F
Warrant expire at 4:30 PM today. Each full Series F Warrant will
be transferable and exerciseable at $0.175 per common share until
May 15, 2000.
Canaccord Capital Corporation has agreed to act as Agent and
subscribe for and purchase all Units that are not otherwise
subscribed for under this Offering, at a Subscription Price, to a
maximum of 3,517,601 Units above the Directors' and Officers'
Commitment.
The Corporation will pay any member of the Investment Dealing
Association of Canada and Canadian stock exchanges (other than the
Agent) a Soliciting Dealer Fee of 7% of the Subscription Price for
each Unit for which a subscription is procured. The name and
address of the Soliciting Dealer is to be written on the bottom of
the back of the Rights Certificate.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Pure Gold Minerals Inc.
Donald R. Sheldon
President
(604) 687-2038
(604) 687-3141 (FAX)
Website: www.pugres.com
INDUSTRY: PCS
SUBJECT: NWS |
