Big Valley Resources Wood Veneer Update
VANCOUVER, BRITISH COLUMBIA--Further to the Company's release No.
99-12 dated November 19, 1999, the dispute between the Company and
HDL Wood Industries Inc. ("HDL") relates to the inability of the
parties to agree upon a division of the assets which were acquired
in furtherance of their wood products business. The assets in
question consist of:
i) a 54 acre commercial lot located in Ucluelet, British
Columbia;
ii) a small scale wood hardening plant located in Pappeenranta,
Finland; and
iii) the equipment from a small re-saw mill, currently in storage
in Surrey, British Columbia
Title to the commercial lot is held by a private company
controlled by the solicitor for HDL. The shares of the private
company are held in trust equally for the Company and HDL. Until
such time as all matters in dispute are resolved, title to the
commercial lot will remain the in the private company.
The commercial lot was originally zoned A-3 (Forest Rural).
Effective September 30, 1998, approximately 4.05 hectares were
rezoned to M-1 (Industrial Park) and 1.20 hectares were rezoned to
M-3 (Heavy Industrial). The purpose of the rezoning was to
accommodate the wood products business. The balance of the
commercial lot remains zoned A-3 (Forest Rural).
To the Company's knowledge, the property has not been subdivided,
nor has any application been made to subdivide the property.
The wood hardening plant and the re-saw mill were to be set up as
a separate business from the wood products business.
The Company announces that John Enns has resigned as a director of
the Company.
ON BEHALF OF THE BOARD
Lloyd Tattersall, President
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Big Valley Resources Inc.
Mr. Lloyd Tattersall
President
(250) 243-2337
or
Big Valley Resources Inc.
Mr. John Enns
(604) 824-2122
Website: www.bigvalleyres.com
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