Flag Resources (1985) Limited
CALGARY, March 15 /CNW/ - Subject to regulatory approval, Golden Briar
Mines Limited is purchasing 600,000 flow-through Flag Resources (1985)
Limited shares, at 50 cents per share, for total consideration of
$300,000.00,
by way of private placement, with 600,000 share purchase warrants
exercisable
at 75 cents per share.
Subject to regulatory approval, Flag Resources (1985) Limited is
issuing
77,855 treasury shares, valued at 50 cents per share, for payment of
indebtedness of $38,927.40, owed to the Corporation's president, Murdo C.
McLeod.
FLAG and Golden Briar report that a large drill is on location at
Matagamasi Lake, Rathbun Township, Wanapitei Anomaly, Sudbury, Ontario, to
deepen an existing vertical drill hole, from 2600 to 3600 feet, to reach a
projected underlying igneous intrusive, suggested to be the source of
disseminated palladium, platinum, nickel, copper, gold and silver
mineralization intersected in the drill hole between 400 feet and present
completion depth of 2600 feet.
Two miles, to the southwest, FLAG and Golden Briar are continuing to
drill step-out drill holes, in the Rathbun Lake peninsula, 800 feet south
of
the Rathbun Lake rich massive sulfide surface occurrence.
FLAG holds 70,000 acres, approximately, in the western sector of the
Wanapitei anomaly, with 4000 acres under joint venture with Golden Briar.
The
Wanapitei Anomaly is the adjoining twin magnetic and gravity structure to
the
Sudbury Anomaly.
The Canadian Venture Exchange and Montreal Stock Exchange have neither
approved nor disapproved the contents herein.
-0- 03/15/2000 |
