CORNER BAY MINERALS
INC.
News Release No. 2000-11
CORNER BAY FILES PRELIMINARY PROSPECTUS
October 26, 2000 - Toronto, Canada: Corner Bay Minerals Inc. has filed a preliminary prospectus with certain Canadian provincial securities commissions for an offering of units comprised of common shares and share purchase warrants. The offering will be made in the provinces of British Columbia, Alberta, Manitoba and Ontario and will be led by Canaccord Capital Corporation. The net proceeds of the offering will allow Corner Bay to complete a final bankable feasibility study on the Alamo Dorado Property.
Corner Bay Minerals has been drilling and assessing its Alamo Dorado Silver/Gold Property in Sonora, Mexico and the Company’s technical consultant Mintec, inc has recommended that the Company proceed to a Feasibility Study at the property. In its September, 2000 Prefeasibility Report, Mintec calculated a mineable, heap leach reserve of 52.5 million tonnes containing 106 million ounces of silver and 394 thousand ounces of gold. (News Release 2000-09). While the feasibility is being completed, the Company plans to continue drilling at the property where the mineralized zone remains open;
i) to the northwest along strike
ii) down dip to the west
iii) at the sourthern margin where high grade values were earlier reported (News Releases No.2000-03/04). The Company will test for a feeder zone underlying the present body of mineralization.
News Release No. 2000-11 Page 2
A preliminary long form prospectus has been filed with the securities regulatory authorities in the above-mentioned Canadian provinces. These units may not be sold nor may offers to buy be accepted prior to the time a receipt has been issued for the final prospectus by the securities regulatory authorities.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any province or state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province or state.
Trading Symbol TSE – BAY
For additional information on Corner Bay Minerals Inc.:
Contact the Toronto, Ontario Office: Tel (416) 363-1124 Fax (416) 360-0728
Website: www.cornerbay.com E-mail: cbay@istar.ca
Or the Tucson, Arizona Office: Tel (520) 297-5516 Fax (520) 297-5511 |
