Hi Patrick,
here's the release you were looking for. Looks like they were dumping this news in middle of Bre-x fiasco, hoping it would be overlooked. there supposed to be releasing production figures for mine shortly.
All I can say is that after I read it, and considering recent developments, the author may be an idiot!
Forefront Ventures Ltd
FFV
Shares issued 5355359
1997-05-02 close $0.28
Monday May 5 1997
News Release
An anonymous director reports
Quarterly Report for the Third Quarter Ending September 30 1996
A trip was made to Europe to visit some institutional investors and offer them special warrants in the
company at $0.45 each (+). Tentative offers to purchase about 1.4 million warrants were promised. Due
to poor market conditions and a drop in the price of Forefront stock the financing could not be
completed.
The company's joint venture partner, Stirrup Creek Gold, obtained radar-sat images of the company's
property in Kalimantan. Mr Doug Chapman, consulting geologist, gave the company a tectonic geology
report based on a study of the photographs. The report indicates close similarity between the structural
geology on the company's property and that on the Busang gold deposit of Bre-X Minerals. Mr
Chapman has marked out a number of anomalous areas on the company's property that the company
should be targeting for exploration.
Forefront Ventures is in the process of negotiations to acquire a partially developed gold-silver property
in Chihuahua, Mexico. The acquisition by claim staking through Michael Sandidge, announced in a
news release in Stockwatch September 16 1996, was unsuccessful as the ground involved had been
staked earlier by a major US mining company.
An investor relations contract in London, UK was cancelled and a refund of $2,000 was received during
the quarter.
STATEMENT OF EARNINGS
Nine months ended September 30
1996 1995
Revenue
Oil revenue $ 11,225 $ 11,748
Interest 1,106 37
US exchange 858 -
Gain on sale of
claims 10,750 75,554
-------- --------
23,939 84,339
Expense
Administration 14,913 8,737
Auto expense 6,929 -
Bank charges and
interest 262 222
Filing fees 3,521 1,978
Legal fees 3,481 2,381
Shareholders'
information 3,508 776
Investor relations 6,500 -
Advertising and
promotion 8,626 15,207
Transfer agents' fees 5,352 5,051
Professional fees 11,314 6,718
Management salaries 14,000 20,000
Travel 9,896 297
Rent 4,039 4,073
Miscellaneous 98 -
-------- --------
Total expense $ 92,439 $ 65,430
-------- --------
Net income (loss) $(68,500) $(18,909)
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