The longer the bear market in gold is the better SJD looks. I will buy more.
By the way, how is the Crew company doing?
Any money left anywhere? Any money whatsoever? Any ideas how to develop a property that belongs to somebody else?
Fairstar to grant St. Jude exploration option
St. Jude Resources Ltd SJD
Shares issued 14,696,188 Oct 16 close $0.42
Wed 18 Oct 2000 News Release
Mr. Larry Nachshen of Fairstar Explorations reports
Fairstar Explorations has signed a letter of intent dated Oct. 12, 2000,
granting St. Jude Resources Ltd. a 60-month option to explore the south
block of the Benso gold concession. The south block, consisting of the
Amantin, Subriso east and Subriso west prospects, is directly adjacent to
and north of St. Jude's Hwini-Butre concession.
The key terms of the letter of intent are as follows:
Fairstar will receive an immediate cash payment of $30,000 (U.S.);
St. Jude will immediately assume operatorship of the south block and will
design, manage and bear all costs of any future exploration program; and
St. Jude will have the option of earning a 65-per-cent participating
interest in the south block by carrying out sufficient exploration,
evaluation and analysis to produce a feasibility report within 60 months.
Fairstar's interest in the south block would reduce to a 25-per-cent
participating interest. The south block is subject to a 10-per-cent carried
interest in favour of the government of Ghana. In addition, pursuant to an
agreement dated Oct. 17, 2000, between Architect Co-Partners (ACP), the
original vendor of the south block, and Fairstar, ACP has agreed to reduce
its net profits interest (NPI) from 15 per cent to 7.5 per cent in the
event of the signing of a joint venture agreement. The NPI would be shared
pro rata by the two participating interest owners.
The letter of intent is subject to the approval of all relevant regulatory
authorities.
The south block is an advanced exploration project. Extensive geophysical
and geochemical survey work has been completed. Initial drilling has been
conducted and a number of drill holes encountered economic gold
mineralization. St. Jude is planning to immediately undertake a surface
exploration program to be followed by some combination of reverse
circulation and diamond drilling.
The south block and the Hwini-Butre concession form a substantial land
position straddling the prolific Ashanti gold belt. St. Jude is in the
process of establishing a significant gold resource at the Adoikrom, Father
Brown and Dabokrom prospects on the Hwini-Butre, and exploration data
suggest that the trends of the mineralization may extend north onto the
south block.
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