Western Keltic receives Barrick notice of warrant
Western Keltic Mines Inc WKM
Shares issued 9,299,871 Jan 17 close $0.19
Wed 26 Jan 2000 News Release
Also Barrick Gold Corp (ABX)
Mr. Donald McInnes reports
Barrick Gold Corporation has provided notice that it will be exercising
warrants at $1.25 to purchase 540,000 common shares of Western Keltic for
total proceeds of $675,000. Proceeds of the exercise of the warrants will
go toward financing a minimum $500,000 exploration program on Keltie's
properties located immediately east of Teck Corp., and Sumitomo Metal
Mining's Pogo deposit (9.98 metric tons grading 0.52 ounces per ton) in
east central Alaska.
The program will consist of diamond drilling, soil sampling and
ground-based magnetometer and VLF surveys. The exploration program will be
focused within the Boundary and Southeast Surf areas where soil sampling in
1999 outlined broad, gold and pathfinder element anomalies and rock samples
returned gold values grading up to 0.75 ounces per ton. It is anticipated
that work will commence in early May beginning with infill and expanded
grid coverage in both the Boundary and Southeast Surf areas and coincident
soil sampling, magnetometer and VLF surveys to better define anomalies and
define drill targets. Drilling will commence once results are tabulated
from the May program and initially focus on high-priority targets in the
Boundary area.
Donald McInnes, president of Western Keltic Mines, stated: "We are pleased
that Barrick has elected to continue to finance our work on the properties.
The continued support from a major gold producer such as Barrick is a
measure of the success of the 1999 exploration and our ability to advance
the economic potential of the properties." Upon exercising the warrants,
Barrick will own 1,215,000 common shares of Western Keltic or 11 per cent
of the issued and outstanding shares. |
