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SHIEGA RESOURCES CORP ("SHG-V;SGARF-L") - Acquisition of Two Concessions in Mali, West Africa
Willis W. Osborne, President of Shiega Resources Corporation, is pleased to announce the acquisition of two concessions in western Mali, West Africa and to notify shareholders of developments in corporate affairs.
The two concessions, Faraba and Faraba Nord, of 26 and 44 square kilometres respectively, are located approximately 45 kilometres southeast of Kenieba. Under the terms of the agreement for each concession, to earn a 95% interest in the concession, Shiega must pay $2,500 on signing and a further $122,500 over a period of 5 to 6 years, depending upon the timing of the granting of the permits. The interest is subject to a 1% net smelter royalty on Shiega's interest, and a finder's fee is payable.
The concessions cover an area of Birimian rock with a granitic intrusive, conditions thought to be favorable in Mali for the occurrence of gold. There are also known areas of artisanal workings within the concessions where the local people dug pits, hand crushed rock and panned the crushed rock to recover gold.
In corporate matters, shareholders approved a 1 for 2 consolidation of the Company's issued and outstanding common shares without par value from 21,300,619 to 10,650,310 common shares issued and outstanding without par value. The new name of the Company, after the consolidation, will be African Metals Corporation. This is all subject to the approval of the Canadian Venture Exchange. Shareholders also approved the resolution to fix the number of directors at three, and Willis W. Osborne, Franklin Russell and Louis P. Salley were elected directors of the Company for the ensuing year. During the subsequent directors meeting, Willis W. Osborne was appointed President and Jennifer Nestoruk was appointed Secretary of the Company for the ensuing year. TEL: (604) 684-4100
Shiega Resources Corporation FAX: (604) 684-5854
Willis W. Osborne, President & Director EMAIL: info@shiega.com INET : www.shiega.com |
