Text of News Release Today
GHE-V : Final Payment of La Union Concessions;
Mineral Concession Added at San Jose de Gracia
Stock Options Granted
Ian D. Brown, Secretary of Golden Hemlock Explorations Ltd.,
announces:
Final Payment of La Union Concessions
The Company advises that on May 15, 1997 at a ceremony in Mazatlan, Mexico, its subsidiary Minera Finisterre S.A. de C.V. made a payment of $US 793,500 completing the payment obligations for a 100% interest in ten mineral tenements known as the La Union concessions at San Jose de Gracia, Sinaloa, Mexico. These concessions make up a 550.62 hectare portion of a total of 42 square kilometres held by Minera Finisterre at the San Jose de Gracia mining district.
Mineral Concession Added at San Jose de Gracia
Also on May 15, 1997 at Mazatlan, Minera Finisterre S.A. de C.V. made
an initial payment of $US 125,000 towards the acquisition of the Santa Rosa concession, an area of 31.49 hectares which is a valuable addition to the Company's holdings in the mining camp at San Jose de Gracia. To complete this acquisition, Minera Finisterre must make a final payment of $US125,000 by May 13, 1998.
Stock Options Granted
The Company has granted incentive stock options to officers, employees
and directors in respect of 1,555,000 shares, exercisable at the price of $1.07 per share for a period of two years, subject to regulatory approval.
TEL: (604) 257-3660 Ian D. Brown, Secretary
TEL: (800) 559-0517
FAX: (604) 257-3650
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