Champion Resources - CHL.vse Message Board

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Gold/Mining/Energy : Champion Resources - CHL.vse

CHL 27.51

0.0%

Sep 27 5:00 PM EST

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To: rdww who wrote ()	2/15/2000 1:37:00 PM
From: rdww	Read Replies (1) of 176

Gee - this must be the recent weakness in the stock - insiders needed to load up on another PP at even lower prices that the last one at $1.05! Gotta hope that they are happy now and start touting this one before the shrstructure gets outta whack! Champion to sell 1.25 million units privately Champion Resources Inc CHL Shares issued 24,184,440 Feb 14 close $0.76 Tue 15 Feb 2000 News Release Mr. Michael McInnis reports Champion Resources has agreed to sell on a non-brokered private placement basis up to 1.25 million units at a price of 61 cents per unit. Each unit comprises one common share of the capital of the company and one warrant. One full warrant entitles the holder to purchase one common share of the company at a price of 76 cents for a period of two years. The proceeds of the private placement will be used by the company to finance the development program on the Farim phosphate deposit in Guinea Bissau, West Africa. The closing of the placement is subject to all requisite regulatory approvals. In a related matter, the company is pleased to announce an in-house resource calculation for the Farim phosphate deposit in Guinea Bissau, West Africa. The updated resource is based on results from the recently completed due diligence drilling program undertaken by the company (see Stockwatch Nov. 23, 2000) and drilling carried out by the French exploration agency BRGM in the 1980s. The updated resource contains 164.3 million tonnes grading 29.4 per cent P2O5 and compares with the earlier reported resource of 105 million tonnes grading 29.8 per cent P2O5. The in-house resource calculation was carried out by R.J. Bailes and Associates, the principal of which is a director of the company. Mr. Bailes is a professional geologist with over 30 years experience in the mineral resource business as a geologist. The resource calculation has not been verified by an independent qualified person and has not been prepared and disclosed in accordance with CDNX policies. The resource should not be relied upon until it has been confirmed by an independent qualified person. The company is currently having the resource calculation audited by such a qualified person. The details of the audit will be released on completion. (c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com

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