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Gold/Mining/Energy : Jersey Petroleum -JPI (was Jersey Goldfields -JRG)
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To: Bobby Yellin who wrote (34)6/4/1997 9:09:00 AM
From: burner   of 100
 
Jersey Goldfields Corp - News Release

Jersey Goldfields to acquire interest in Mexico project

Jersey Goldfields Corp JRGShares issued 182956441997-06-03 close $0.42Wednesday Jun 4 1997News ReleaseAlso Formation Capital Corporation (FCO) Mr Jim Yates reports Jersey Goldfields has signed a joint venture agreement with Formation Capital. Jersey Goldfields has acquired the right to earn a 55% working interest and be the operator in the 256 sq km gold and silver project 200km north-northwest of Mexico City in northeastern Guanajuato, San Luis Potosi and Quereltaro States, Mexico. Terms of the joint venture agreement require Jersey Goldfields to spend US$2,000,000 over three years in exploration of the Los Cocos property and the issuing of 100,000 shares upon regulatory acceptance of this agreement. First year expenditures are a minimum of US$350,000 on or before September 1 1998. Jersey Goldfields has a 45 day due diligence period and has already made arrangements to have key company personnel on site to commence their review. Upon their return in approximately one week, a detailed geological review will be made available. Jersey will expect work programs to commence immediately, with drilling targeted for later this year. A finder's fee is payable to Pacific International Securities. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com

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