AUGUST 22, 2000 - 11:38 EDT
Big Valley Resources Inc.: Agreement For The Purchase of
The QR Mine Completed
WILLIAMS LAKE, BRITISH COLUMBIA--Lloyd Tattersall, President of
Big Valley Resources Inc. (the "Company") is pleased to announce
that the Company has signed an agreement with Dean Mason, CA. and
568674 British Columbia Ltd. and related companies of Prince
George, British Columbia, regarding the purchase of the QR Mine
(the "Mine") and other assets.
The Mine is located in central British Columbia, Canada and
adjoins the Company's claims on its northern boundary. The Mine
was owned and operated at a rate of 1000 tonnes per day, from May,
1995 to April, 1998, by Kinross Gold Corporation ("Kinross") and
produced 128,391 ounces of gold. 568674 British Columbia Ltd. and
related companies recently acquired the Mine and its assets from
Kinross and have agreed to sell the Mine and the assets to the
Company.
The purchase price of $4.5 million dollars is payable over three
years, commencing January 1, 2001 together with interest at prime
plus 1%, and the issuance of 6,176,470 shares of the Company.
The Company and its Financiers have agreed to raise a further $5
million dollars to invest into the project to facilitate working
capital, exploration and bonding.
In order to expedite the transition from a junior exploration
company to an operating mining company, the Company will appoint a
new Chief Executive Officer and Chief Financial Officer with
international experience. To accommodate this, the current Chief
Executive Officer/President, Lloyd Tattersall and Chief Financial
Officer, Egil Livgard, have agreed to step down as Officers and
Directors of the Company but will continue to give their valuable
expertise as consultants to the Company. In addition, John Enns
has agreed to rejoin the Board.
The acquisition of the Mine and its assets is subject to the
acceptance of the CDNX.
ON BEHALF OF THE BOARD
Lloyd Tattersall, President
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Big Valley Resources Inc.
Mr. Lloyd Tattersall
President
(250) 243-2279
Website: www.bigvalleyres.com
or
Big Valley Resources Inc.
Mr. John Enns
(604) 824-2122
The Canadian Venture Exchange has neither approved nor disapproved
the information contained herein. |
