Hello Greg: Check out this release I received Yesterday. A little more info than the last.I bought into DonnyBrook to cover most of the bases. What are your thoughts. Good Dayyyyyyy Ronald
Starcore completes 200,000 unit private placement
Starcore Resources Ltd SOE
Shares issued 13,383,192 May 5 close $0.46
Mon 8 May 2000 News Release
Mr. Ralph Brown reports
The private placement of 200,000 flow-through units consisting of one share
and one warrant closed May 8. The warrant is good for one year and is
exercisable at 48 cents per share. The placee is Sheridan Platinum Group
Limited.
The company also announces a non-brokered private placement of 125,000
units at $2 per unit for a total of $250,000. Each unit consists of four
flow-through shares, one common share and five Class A warrants. Each
warrant plus 45 cents can purchase one additional common share for a period
of one year. The units will be subject to a four-month hold period. A
finder's fee will be paid on the funds raised.
The funds will be used to carry out an exploration program of the Lac
Legris property in Northern Ontario. This property, consisting of 13,000
acres, is adjacent to the property of North American Palladium Ltd. North
American Palladium has recently announced a major expansion in mining and
milling capacity at its open pit mine. The company has also reported a new
minable proven and probable reserve at 74.2 million tonnes with an average
grade of 1.64 grams per tonne (g/t) palladium, 0.18 g/t platinum, 0.14 g/t
gold, 0.066 per cent copper and 0.055 per cent nickel. In addition, North
American Palladium reports a further measured and indicated resource of
23.5 million tonnes at 1.46 g/t palladium, 0.18 g/t platinum, 0.11 g/t
gold, 0.049 per cent copper and 0.52 per cent nickel. Additional drilling
is expected to increase the resource of this property.
In November, 1999, Avalon and Starcore reported that surface samples from
their adjoining Lac Legris prospect averaged 3.22 g/t platinum group
elements (Pt+Pd+Au).
This $200,000 program consists of surface stripping of targets defined by
an induced polarization survey, sampling and 1,220 metres of diamond
drilling. This program is commencing immediately and the drilling is
expected to begin at the end of May. The Lac Legris property is held under
a 50/50 joint venture between Avalon and Starcore, with Avalon acting as
operator. To vest its 100-per-cent combined interest in the property
(subject to a 3 per cent net smelter return retained by the vendors) the
joint venture must make $155,000 in cash payments, issue 100,000 shares of
Starcore, 80,000 shares of Avalon and spend $500,000 on exploration work
over five years. Starcore is responsible for the first $77,500 in cash
payments and the first $250,000 in exploration expenditures, after which
the future costs will be shared on a 50/50 basis.
The company also intends to spend a portion of the private placement funds
on its 51-per-cent-owned Samuels Lake copper, nickel, gold, platinum and
palladium property 160 kilometres west of Thunder Bay, Ont. The company has
drilled 13 holes on this property. The best intersection occurred as a
second mineralized interval in hole 99-3. It assayed at 0.82 per cent
copper, 0.64 per cent nickel and 0.80 g/t Pt-Pd-Au over 45.7 metres. A
shallower zone in 99-3 assayed 0.074 g/t Pt-Pd-Au over 69.3 metres, in
addition to 0.22 per cent copper and 0.15 per cent nickel.
Starcore has interests in seven platinum and palladium properties in
Northern Ontario and also owns a substantial interest in the shares of
Donnybrook Resources Ltd. which has interests in seven platinum and
palladium properties in Wyoming, Ontario and Manitoba.
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