Hi Wayne,
Time to dust off the ole pom-poms?
Cross Lake to resume drilling; financing
Cross Lake Minerals Ltd
CRN
Shares issued 32,782,665
2000-10-24 close $0.1
Tuesday Oct 24 2000
News Release
Mr. Brian Kynoch reports
Cross Lake Minerals is planning to resume drilling on its 100-per-cent-held Sheraton-Timmins property
near Timmins, Ont., by the end of November, 2000.
The program, which is subject to the closing of the private placement announced in Stockwatch Oct. 19,
2000, and referred to below, will initially comprise an estimated 1,000-metre NQ diamond drill hole to be
followed by a bore-hole pulse electromagnetic survey. Based on a compilation of all the geological,
geochemical and geophysical data received to date, the hole has been targeted to test a favourable area for
volcanogenic massive sulphide deposition 650 metres below surface in the Cross Lake horizon. Based on
results of the initial hole and pulse EM survey, additional work, including drilling and/or geophysical
surveys, is planned.
Further to the release of Oct. 19, 2000, the company wishes to advise that the private placement will not
be brokered. Instead, Bolder Investment Partners Ltd. will receive a finder's fee in cash equivalent to 5 per
cent of the portion of the financing arranged. Also, the number of flow-through common shares to be
issued pursuant to this non-brokered private placement has increased from 2.2 million to up to 2.4
million at 10 cents per share. These transactions are subject to all necessary approvals.
(c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com |
