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Gold/Mining/Energy : Prospectors Alliance Corp. (PALL- CDN)
PALL 205.67+3.4%Jan 25 4:00 PM EST
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To: Midas who wrote (78)5/29/2000 12:13:00 PM
From: Midas  Read Replies (1) of 187
 
Hello Folks:

The PALL meeting last Friday went well with approval for amalgamation of the 5 companies being received from the shareholders (I was told that shareholders in the other 4 companies also gave their approval for the amalgamation).

Other relevant news that was announced at the meeting and will appear in a press release shortly includes:

(1) the 2-way joint venture with Falconbridge has been expanded to include PALL ground in Bristol, Whitesides and Carscallen Townships that is underlain by Kidd-Munro type volcanic rocks. For including this ground in the joint venture, PALL was given $1 million credit by Falconbridge towards the expenditures required by the joint venture agreement between Falconbridge and PALL.

(2) Falconbridge has proposed spending $10 million over 5 years on the 3-way joint venture project known as Timmins East. Falconbridge and Hudson Bay are responsible for funding most of the exploration work that will be done on this project.

(3) Positive results are expected from the two recently completed diamond drill holes on the Denton property optioned from Band-Ore. Results should be back from the lab within a week.

(4) Negotiations to arrange financing for further exploration by the new company are in progress with several majors. These negotiations should be concluded within the next week or so.

Midas
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