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Ontex Receives Conditional Approval For TSE Listing
Thursday, December 23, 1999, 11:17 AM EST
Toronto \London, Ontario
Ontex Resources Limited announces that it has received
conditional approval for the listing of its common shares on The
Toronto Stock Exchange (TSE) under the symbol "ONT". The listing
is conditional upon filing satisfactory documentation and
fulfilling all of the requirements of The TSE on or before March
20, 2000. Upon satisfaction of the conditions after the
new-year, the Company will disclose the date it expects to begin
trading on The TSE. Ontex is very pleased that it has received
conditional approval to trade on Canada's premier capital market.
The listing accomplishes one of the short-term goals towards the
Company's objectives for sustainable growth in the mineral
industry.
Ontex Resources Limited is a Canadian mineral exploration company
focussed on advancing its portfolio of projects in known gold
producing regions in Ontario and Quebec. The Company has
interests in 655 claims, totalling approximately 29,000 acres in
the Beardmore-Geraldton district, 180 km northeast of Thunder
Bay. They include a 100% interest in 18 leased claims containing
the Brookbank gold deposit, which has an inferred mineral
resource of 1,381,980 tons, grading 0.263 ounces of gold per ton,
0.233 ounces per ton with assays cut to 1 ounce. The resource
was prepared by Placer Dome in 1990 and remains open along strike
and at depth. Ontex can also earn 60 to 70% interests in 637
adjoining leased and staked claims by spending up to $ 1.5
million in exploration over 4 years. In the Timmins district,
Ontex owns a 100% interest in the Faymar Gold Mine in Deloro
Township located south of the Dome Mine. Faymar produced 119,181
tons at an average recovered grade of 0.183 ounces of gold per
ton between 1940 and 1942. The Company also owns a 100% interest
in the Bartec property near Val D'Or, which hosts a nominal
mineral inventory.
Ontex owns 48% of the issued capital of Pifher Resources Inc.
(CDN:PIFR), which is exploring the Forge Creek project near
Beardmore, and 85.7% of Cherbourg Gold Inc.
No stock exchange or regulatory authority has approved or
disapproved of the contents of this press release.
ONTEX RESOURCES LIMITED
[signed]
ROBIN GOAD, PRESIDENT
For further information, please contact Sam Fuda in Toronto (Tel.
(416) 360-4031, Fax. (416) 360-4034) or, Gary Conn in London
(Tel. (519) 455-8127, Fax. (519) 455-1846), by Email: info@ontex
resources.com or, visit our website at: www.ontexresources.com.
Issued Capital: 39,036,506 Common Shares
ONTEX RESOURCES LIMITED
(Mining)
ontexresources.com
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© 1999 BCE Emergis
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