The following should be of interest. Solitaire was trying to horn in on PFN's Janes property via Goldwright contrary to earlier agreements between PFN and Goldwright. It appears Solitaire have been booted out.
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Solitaire Minerals Corp SLT
Shares issued 3,303,000 2000-04-24 close $0.50
Thursday Jun 8 2000
Mr. William Iny reports
The company will not be proceeding with the proposed purchase of the shares
of Goldwright Explorations Inc. as previously announced on April 27, 2000.
The company will therefore not be proceeding with the filing of a prospectus
in Ontario and British Columbia to qualify the special warrants that were
proposed to be issued for the purchase.
The company has entered into agreements to acquire six mineral properties in
the highly prospective Wanapitei Lake area, east of Sudbury, Ont. Recent
discoveries in the area by Pacific Northwest Capital Corp., Flag Resources
Inc. and others, indicate that the area has the potential to be a
world-class platinum-palladium camp. The company's properties, located in
Scadding, Davis, Kelly, McNish and Rathbun Townships and comprising a total
of 17,005 acres in 42 claims, make Solitaire one of the largest property
holders in this region. The company's properties are all underlain by
Nipissing gabbro in contact with sediments of the Gowganda Formation, a
geological enviroment considered permissive for the occurrence of copper,
nickel, platinum, and palladium mineralization.
The company has acquired a 100-per-cent interest, subject to a 1-per-cent
net smelter return royalty retained by the vendor, and arm's-length party,
in the following properties. In each instance, the NSR royalty can be
purchased by the company for the sum of $1-million.
Kukagami Lake property straddles the border between Scadding and Davis
Townships and consists of a total of 8,028 acres in 23 claims; consideration
is $50,000 cash and 100,000 shares of the company.
Insect Lake property straddles the border between Davis and Kelly Townships
and consists of a total of 6,169 acres in 12 claims; consideration is
$26,000 and 100,000 shares of the company. Several occurrences of
copper-nickel and platinum-palladium mineralization have been documented on
the property immediately to the north, currently under option to Pacific
Northwest Capital Corp., including one surface showing that yielded, from
grab samples, up to 4.56 per tonne palladium, 5.16 per tonne platinum and
3.56 per tonne gold.
Sturgeon River property located in the extreme northwest part of McNish
Township and consists of 553 acres in one claim; consideration is $8,000
cash and 30,000 shares of the company.
Doon Lake Property located in the extreme northwest corner of Kelly Township
and consists of two claims for a total of 1,266 acres; consideration is
$8,000 cash and 3O,OOO shares of the company.
Bad Lake Property located in the extreme east-central part of Rathbum
Township and comprises 633 acres in one claim; consideration is $8,000 cash
and 35,000 shares.
A small, but very high-grade copper, nickel, platinum and palladium showing
owned by Flag Resources and known as the Rathbun Lake Occurrence, is located
in a similar geologic environment some five kilometres to the west.
Boland's Lake Property located near the centre of Rathbun Township and
consists of three claims, two of which are contiguous, for a total of 356
acres; consideration is $5,000 cash and 20,000 shares of the company. The
Rathbun occurrence is located approximately three kilometres to the
nortwest.
The company will be proceeding, subject to regulatory approval, with the
private placement of 1.25 million units at a price of 40 cents per unit for
proceeds to the company of $500,000. Each unit shall consist of one common
share without par value in the capital stock of the company and one
non-transferable share purchase warrant, each warrant entitling the holder
thereof to purchase an additional common share in the capital stock of the
company for a period of two years at a price of 80 cents per share. The
proceeds from the placement will be used for general working capital of the
company and further exploration/acquisition and staking in the Sudbury
platinum/palladium area. Two-thirds of the units, will be issued on a
flow-through basis. There may be a finder's fee payable in accordance with
Canadian Venture Exchange policy.
The board of directors including Ernest Peters, John Mirko, and Mohan
Vulimiri has agreed to step down in favour of a new board of directors. The
new board of directors will comprise of David Hodge as director and
president; and Patrick Power, William Iny, and Jody Dahrouge, B.Sc., Sp.C.,
P.Geol. as directors. The current escrow shareholders have agreed to
transfer 750,000 escrowed shares to the new board of directors.
The company will be proceeding with the agreement for the provision of
Corporate Communications Services with Kego Capital Corporation of
Vancouver, B.C., for a three-month period. The beneficial owners of Kego
Capital Corporation are Bing Jung and Michael Waggett. Kego Capital
Corporation will be paid $15,000 per month and will be compensated for any
out-of pocket expenses incurred on behalf of the Company. The agreement is
subject to the approval of the Canadian Venture Exchange.
The company continues to evaluate additional properties for the purposes of
acquisition, details of which will be reported as agreements are concluded.
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