Mandorin e-billing progress
Mandorin Goldfields Inc MGD
Shares issued 28,273,547 Feb 23 close $0.73
Thu 30 Mar 2000 News Release
Mr. Malcolm Stevens reports
The company has signed a sponsorship agreement with Golden Capital
Securities Ltd. of Vancouver, as part of the process required for the
reinstatement of trading of the company's shares on the Canadian Venture
Exchange. Pursuant to the agreement, Golden Capital is currently
undertaking the required due diligence reviews in order to be in a position
to file the required sponsorship form with the CDNX to support
reinstatement of trading.
PricwaterhouseCoopers of Sydney, Australia, is continuing with its
technical and legal due diligence of the proposed acquisition of the
e-billing business. The company remains committed to the advancement of
this acquisition opportunity and is continuing to work with Golden Capital
and its independent consultants to ensure that the company's shares resume
trading as quickly as possible.
The company has signed a letter of intent with Independence Gold Mining
Zimbabwe Private Limited (Indepgold) to form a joint venture whose aim is
to farm out a contiguous block of prospective ground which covers parts of
exclusive prospecting orders (EPOs) 1205 (held by Indepgold) and 1073 (held
by Mandorin).
The previous holder of EPO 1205 was Falconbridge Zimbabwe Pty Limited
(Falconbridge). Falconbridge carried out a major exploration program to
locate economic copper and zinc deposits within EPO 1205. The geological
targets, which are thought to be VMS (volcanogenic massive sulphide)
deposits, are aligned along a granite-greenstone contact which crosses over
into EPO 1073.
Falconbridge was introduced to the potential of the area by a local
prospector, C. Ferguson, who discovered copper-rich float in the Zvenya
Creek. Falconbridge acquired an option to acquire certain claims within EPO
1205 from Mr. Ferguson, which Indepgold has now taken over.
The 10-year option agreement allows for Indepgold to purchase all of Mr.
Ferguson's claims within EPO 1205 and to be released from the payment of
option fees and all other commitments on exercising the option by payment
of $1.0-million (U.S.).
Geologists representing Mandorin and Indepgold are of the opinion that the
Falconbridge program was not conclusive and did not investigate the
anomalies in EPO 1073. They believe that the area is highly prospective for
VMS deposits, but that these deposits are notoriously difficult and
expensive to locate.
Indepgold has in its possession all of the documentation relating to the
Falconbridge program as well as several kilometres of drill core.
he project area covers approximately 43.6 square kilometres. Approximately
50 per cent lies within EPO 1205 and the other half lies within EPO 1073.
The project area will be known as the Zvenya Creek project.
Further to required regulatory approvals received, the company has issued
600,000 common shares of the company to International Canalaska Resources
Ltd. at a deemed price of 10 cents per share in full and final settlement
of outstanding litigation involving the parties.
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