The stock was showing buying interest leading up to the meeting. It remains to be seen what it does after the meeting. I consider it a bullish indicator that they decided not to let the regular investors buy any cheap options. Here is today's news release, if there is anybody to read it.
Black Swan Resources Ltd. - Results of Extraordinary General Meeting & Update on
Diamond Projects in Brazil
Trading Symbol: TSE - BSW
BERLIN - BSM
FRANKFURT - BSM
VANCOUVER, Jan. 25 /CNW/ - Black Swan Resources Limited (BSW-TSE) is
pleased to announce that at the Extraordinary Meeting of Shareholders held in
Vancouver yesterday, all resolutions were passed by shareholders.
In summary those resolutions were:
(a) To approve Hamilton Capital Partners Limited's ("Hamilton") indirect
acquisition of an approximately 45.3% shareholding interest in the
Company through the acquisition of the Company's largest shareholder,
Sourdough Company Limited ("Sourdough").;
(b) To approve the issue of certain warrants to Hamilton upon the terms
and conditions set out in the Information Circular accompanying the
Notice of Meeting;
(c) To approve the Company's continuation into the jurisdiction of the
Yukon Territory and the adoption of new Bylaws in substitution for
the Company's existing Articles and Memorandum and various matters
relating thereto; and
(d) To approve certain amendments to the terms of the options issued to
Mr. Kishida, a former employee, and Mr. Porter, a current Director
who has agreed to resign to facilitate the appointment of Hamilton's
second nominee to the Board.
Final approval of the Hamilton acquisition remains subject to
confirmation by the Toronto Stock Exchange.
In the Information Circular to shareholders, mention was made of a
proposal, originally agreed as a part of the Hamilton acquisition, to make a
rights offering of warrants to eligible shareholders. Following discussions
with the Company's financial advisors and in light of new documentation
requirements arising with effect from 1st February, 2001 as a result of the
introduction of National Instrument 43-101, it has been decided that this
offering should be deferred.
Directorate
Mr. David Cowan was yesterday appointed a Director of the Company.
Mr. Cowan is the first of two Hamilton nominees to be appointed as a
Director and is a partner in the Vancouver based law firm, Clark Wilson. Mr.
Cowan practises primarily in the areas of securities and corporate finance and
is a past chairman of both the provincial and national, natural resources
subsection of the Canadian Bar Association.
Update on Diamond Projects in Brazil
The Company's principal objective during 2000 was to bring its alluvial
diamond concessions along the Paranaiba River, Coromandel in the State of
Minas Gerais, closer to production by establishing resource estimates through
drilling and sampling.
The Company has now established an overall gravel volume of 11.6 Million
M(3) on approximately 30% of its leases along the Paranaiba River.
The 100% owned Fazenda Marques property was initially targeted, as
previous drilling had outlined favourable evidence for bedrock trap-sites. A
15 tph Heavy Media Separation plant, with rated head-feed capacity of 60 tph,
arrived on-site from South Africa in mid July 2000 and is now operational. The
Company is currently investigating the feasibility of modifying the plant with
the installation of a magnetic separator and an X-Ray Sortex to handle the
high limonite content in the concentrate.
Bulk testing at Fazenda Marques initially commenced with 50 metre long
paddock samples from 5 metre wide trenches and this has now progressed to
selective targeting of channels. Notwithstanding the late start to the
sampling activity, 18 samples totalling 8,420 M(30 (bulked) were collected
prior to the rainy season and with 61% of samples treated, processing
continues.
To date, all stones recovered have been of gem quality, with the largest
diamond being 4.90 carats and an average stone size of 0.88 carats. No
independent valuation of diamond parcels has yet been undertaken.
At Sancho, the eastern end of the Gamelas Joint Venture Area,
approximately 8km downstream from Fazenda Marques (a project operated by our
co-venturer) mining of basal gravel from a 22 metre deep bedrock channel over
the past few months has produced high grades and some spectacular diamonds.
Previous drill evaluation of alluvial terraces within the Company's
Paranaiba river leases has focused on the most downstream prospects.
The Company believes that higher diamond grades are likely to be
established within the basal gravels which are confined to bedrock channels
and scoured depressions associated with the more reworked alluvial flats
rather than the upper terraces. As a result efforts are being made to assess
the gravel potential at more upstream sites where large preserved meanders are
evident.
During October and November 2000, wide diameter (400mm) auger drilling,
totalling 3,821 meters from 419 holes, was undertaken at Estaca 1,2 and 3 with
minor infilling at Fazenda Marques and Corrego do Ouro Leste (Gamelas).
3D interpretation of the drill data is now being prepared and this will
also be developed for the remaining, presently untested meander localities to
prioritize bulk sampling and assist mine planning.
Drilling at Estaca, was based on 200 metre line spacing and 50 metre hole
intervals and delineated extensive, gravel-infilled bedrock channels. At
Estaca 3, the drilling highlighted 2 major bedrock "lows", representing large
gravel depositories and prospective heavy mineral trap-sites.
A total of 6.4 million M(3) of gravel was demarcated within the alluvial
flats at Estaca and infill drilling will now be undertaken along these bedrock
channels prior to selecting bulk sample locations. The Company is currently
seeking environmental license approval prior to commencing bulk sampling at
Estaca.
With the conclusion of the Hamilton transaction and the expected
restoration of funds to the Company's Treasury, kimberlite exploration within
the Coromandel and Serra da Canastra provinces is anticipated to be stepped up
later this year. The Company intends to drill test magnetic targets in
proximity to the Canguru 1 kimberlite mineral indicator anomaly at Sancho as
well as further work on kimberlite targets in the Serra da Canastra Province. |
