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Gold/Mining/Energy : Vortex Energy & Minerals Ltd (VRT)
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To: Bearcatbob who wrote (3)1/5/2000 11:34:00 AM
From: bcjt   of 4
 
Vortex Energy & Minerals Ltd VRT
Shares issued 12,886,016 1999-09-24 close $0.15
Monday Sep 27 1999

Mr. Alan Fraser reviews the company
Prospective acquisition candidates with strong development potential continue to be evaluated by management with a view to providing a solid cash flow base for the company's growth plan. As a junior company focused on exploration as its principal growth activity, Vortex plans to seek equity financing of its exploration prospects in the third and fourth quarters of 1999. A joint venture agreement was signed recently with Courage Energy Inc. to explore Vortex's glauconite prospects in Southern Alberta further to its joint venture with Lyse Petroleum Ltd. One or two gross wells are scheduled for drilling prior to Dec. 31, on one or both of these prospects.
Forum prospect update
Vortex intends to allocate approximately 5 per cent of its fall, 1999, private placement proceeds to predrilling costs relating to its 30.4-per-cent working interest in the Forum project in Los Angeles. The planned drilling of the second deep test well on the Forum project continues to move ahead with the required environmental study work, with spud date currently anticipated for the first quarter of 2000. The second deep test well is targeting a well-defined, individual feature referred to as the Crenshaw prospect, situated within the larger Forum project.

(c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com

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