LATITUDE MINERALS CORP.
1711 E. TRENT AVE., SPOKANE WA 99202
Tel. (800) 265-7646; Fax: (509) 536-6442
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Private Placement / Shares for Debts / Drill Update
SPOKANE, WA, JUNE 21, 2000; Latitude Minerals Corp. (LTU.CDNX) announces that it has negotiated a private placement totaling CDN$ 150,000. These funds will be raised by the company issuing up to 1,000,000 units at a price of CDN$ 0.15 per unit. Each unit will consist of one common share and one share purchase warrant. Each share purchase warrant will entitle the shareholder to purchase one additional common share of the Company for a period of two years at a price of CDN$ 0.15 per share for the first year and CDN$ 0.20 per share in the second year.
The funds raised by way of this Private Placement will be used for operating expenses and further exploration of the Pan gold deposit in Nevada. The Private Placement is subject to approval by the Canadian Venture Exchange.
The company also announces that it has reached agreements with certain of it creditors on a plan to convert the majority of the Company's accounts payable of approximately CDN$ 166,800 into common shares at a price of CDN$ 0.15 per share. The company expects to issue a total of 1,112,000 common shares in satisfaction of these outstanding debts. The debt settlement is subject to the acceptance of the Canadian Venture Exchange.
Preliminary assay results from phase II drilling at the North Pan are expected early next week.
Latitude Minerals Corp. is a junior exploration company engaged in exploring and developing a number of gold/PGE deposits in the United States. The company is also evaluating other opportunities in the Americas.
Additional information can be obtained by contacting Norman Eyolfson in Investor Relations
(416) 762-8995 or by visiting the Companyûs website at
latitudeminerals.com.
On Behalf of the Board of Directors,
LATITUDE MINERALS CORP.
John R. Carden,
President and Director
THE CANADIAN VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
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