Blackstone's Berenguela acquisition to proceed
Blackstone Resources Inc BZZ
Shares issued 11,245,501 Sep 28 close $0.10
Wed 4 Oct 2000 News Release
Mr. Donald McInnes reports
At the company's recently held annual general meeting, the shareholders of
the company have given the board of directors a clear mandate to proceed
with the acquisition of the Berenguela property in Peru. The board of
directors was re-elected with John Greig (chairman) and Stuart Angus, Brian
Butterworth, Kelvin Dushnisky and Donald McInnes as directors.
As previously reported, Blackstone has reached an agreement to acquire a
100-per-cent interest in SOMINBESA, a sole-purpose Peruvian company that
owns a 100-per-cent interest in the Berenguela property. The Berenguela
property is host to a 14-million-tonne indicated probable resource grading
28.4 per cent manganese dioxide, 1.3 per cent copper and 125 grams silver
per tonne, according to Ross Glanville, P.Eng., MBA, in a September, 2000,
valuation report. The deposit is located in southeastern Peru and lies
immediately adjacent to a paved highway, rail line and power line. Juliaca,
a town of 100,000 people with daily jet service from Lima, is located
within 50 kilometres.
The acquisition of the Berenguela property is subject to two conditions.
First, Blackstone must raise approximately $2.5-million (Canadian) prior to
March, 2001, following a consolidation of its capital. Then, Blackstone
must settle $750,000 (U.S.) of indebtedness owed by Fossores, the holding
company that owns SOMINBESA.
Having received shareholder approval, the company will seek Canadian
Venture Exchange approval to consolidate its capital on a one new common
share for every two and one-half existing common shares. The company has
applied to have its name changed to Blackstone Ventures Inc., but it is
expected that the trading symbol, BZZ, will remain the same. Discussions
with the creditor regarding the Fossores debt are continuing and terms of a
settlement are expected to be reached shortly.
Following the consolidation, the company will undertake to raise funds to |
