Canada Fluorspar RTO nears completion
Canada Fluorspar Inc CFI
Shares issued 3,438,000 Apr 12/1999 close $4.51
Wed 16 Aug 2000 News Release
Mr. Brian Fairbank reports
Canada Fluorspar (formerly Blue Desert Mining) will be reinstated for
trading Aug. 17, 2000, on the Canadian Venture Exchange. Canada Fluorspar
has 3,438,000 shares outstanding. The trust agent for share conversion is
Computershare Investor Services Canada of Vancouver.
St. Lawrence fluorspar project
The reverse takeover (RTO) transaction of Burin Fluorspar Ltd., while not
yet finalized, is nearing conclusion. The merger is approved in principal
by the regulatory authorities, subject to financing and filing of further
documents. Canaccord Capital Corporation is sponsor of the RTO and, subject
to completion of due diligence, will act as agent for a $3-million
prospecting financing on a best-efforts basis. Agreement to sponsor should
not be construed as any assurance with respect to the merits of the
transaction or the likelihood of completion.
Pogo area gold projects
Canada Fluorspar and its wholly owned United States subsidiary Blue Desert
Mining (U.S.) Inc., signed formal exploration, development and mine
operating agreements with AngloGold (U.S.A.) Inc. on May 8, 2000, covering
each of the Gobi, Mojave and Sahara properties in the Pogo area of Alaska.
AngloGold will expend $750,000 (U.S.) on exploration for each property and
make certain cash payments to Canada fluorspar to earn a 60-per-cent joint
venture interest on a property-by-property basis.
AngloGOld will spend approximately $300,000 (U.S.) on exploration in 2000.
Prospecting and soil sampling programs were completed in July in anomalous
gold areas identified by 1999 stream sediment sampling (Sevenmile Creek,
Port and South Boundary areas). Detailed exploration work is currently
under way in the target areas.
Other projects
The company is currently reviewing platinum/palladium and gold properties
for acquisition.
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