All, I would like you to consider Laminco Resources (LMR) for this
forum and I would welcome all input as to the possible valuation of
this company. There are 34,000,000 shares outstanding (as best as I
can tell) and they have at least 2,000,000 oz. in reserve... based on
the current $385.00/oz. US for gold, I would estimate the value of
these shares at about $2.80 CDN (current is $1.20 CDN). Any thoughts?
Mark
Laminco Resources Inc (TSE:LMR) announcement
(Full text of press release from Canada NewsWire) LAMINCO RESOURCES INC.CORPORATE ACTIVITY UPDATE
VANCOUVER, June 13 /CNW/ - Laminco Resources Inc. (LMR'' - TSE) is pleased to report that its Form 2OF has been registered with the United States SEC and that Laminco, now trades on the NASDAQ OTC under the symbol LMRSF''. It is the company's intention to apply for acceptance on the NASDAQ small capital exchange. Laminco is now registered to trade in 38 states, has applied for registration in New York, Virginia, Indiana, Montana, New Hampshire, North Dakota and
Vermont and is awaiting notification from the various state administrators. Laminco is eligible to trade in Illinois, Maine, and
Oklahoma on August 24, 1996, and in Alabama and South Dakota on November 24, 1996. Registration has not been undertaken in Michigan.
Corporate Development
Laminco, has reached a tentative agreement with Sino-Pacific Developments Ltd, to explore the company's 15,000 acre East
Durango Gold Project. This property is located in the State of Durango, Mexico, approximately 800 kilometers south of the
Laminco's San Antonio Project in the State of Sonara, Mexico. Laminco will receive 50,000 shares of Sino-Pacific upon signing of the final agreement; an additional 100,000 shares upon exploration expenditures reaching $750,000; and an additional 100,000 shares upon exploration expenditures reaching $1,750,000. Sino-Pacific will earn a 60% interest in the Durango property upon exploration expenditures reaching $2,750,000. Laminco currently owns 400,000 shares of
Sino-Pacific and holds purchase warrants entitling Laminco to purchase a further 400,000 shares of Sino-Pacific at $0.50 per share. Laminco also maintains the rights to retain a 25% interest in Sino-Pacific's issued and outstanding shares, Sino-Pacific trades on the Vancouver Stock Exchange under the symbol SPV'' - VSE. Drilling on the East Durango Gold Project is expected to begin in July and will be managed and operated by Laminco.
Management Changes
Laminco is pleased to announce the appointment of David Alexander as its Chief Financial Officer. Mr. Alexander joins Laminco from Delgratia Mining Corporation where he was corporate controller from
January 1991 to March 1996; and Arakis Energy Corporation where he was Chief Financial Officer from January 1991 to December 1995, Laminco is also pleased to announce the appointment of Eric Lavarack as a director of the company. Mr. Lavarack is currently a director and
Chief Financial Officer of Delgratia Mining Corporation.
On-going Exploration
Laminco continues to drill its San Antonio Project in Sonora Mexico, where the Golfo de Oro zone is under expansion and regional exploration is being pushed to the west. The Golfo de Oro mineralization remains open in all directions, and recent step out drilling has encountered ore grade intercepts in excess of 100 feet thick. Core hole 96-38, for example contains more than 12 feet of mineralization greater than 0.5 ounces per ton within a 120 foot mineralized section. Ore grade mineralization has also been found in the south Golfo extension. The step out holes are designed to prove
the link between the Golfo zone and the California zone to the southeast, and continue to evaluate the total size of the Golfo zone. Detailed drill results will be released over the next several weeks as the results and interpretation are finalized.
Laminco intends to update its resource estimate near the end of the month and expects to report a total San Antonio project inventory in excess of one million ounces of gold. Laminco estimates that a resource between 1.5 and 3 million ounces will be developed in the Golfo-California area. This area represents only about 20 percent of
the total property.
Far more potential is possible as indicated by current exploration of the balance of the large 150 square mile property.
/For further information: Andrew Hunter, Investor Relations, (604) 684-6508, 1-800-665-6877/
-- Reuters Toronto Bureau 416 941-8100 |
