Hi Ed, here the press release.
Sincerely, Michel
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Subject:
Stockwatch: Starpoint Goldfields Inc - News Release
Date:
Fri, 06 Jun 1997 15:10:18 -0700
From:
newsout@canada-stockwatch.com
To:
mpaulin@cport.com
Riverstone interest continues to be held
Starpoint Goldfields Inc STS
Shares issued 6,444,175 Jun 4 close $0.21
Fri 6 Jun 97 News Release
Mr Harry Bristman reports
The company has signed an amendment agreement with the optionor of its
Angola diamond concessions, Gexpo-Gestato de Exportacoes Lda, which
confirms the company continues to hold an option to earn a 52% interest in
the Riverstone concession in the Lunda Norte Province, Angola. The
amendment confirms the amount of the company's payments to Gexpo to date
(approximately $1,790,235) and which eliminates all future cash payments
that are due and owing to Gexpo pursuant to the original option agreement
of July 31 1996 and subsequent amendments. The company remains obligated to
issue one million shares on commencement of commercial production, four
million shares and four million warrants exercisable at $3.00 per share for
two years upon establishing proven reserves of not less than 1,500,000
carats (mineable), issue 300,000 shares after earning gross revenues of $10
million and issue a further 400,000 shares after earning gross revenues of
$20 million . A payment of US$6 million to Gexpo is due after gross revenue
of US$100 million has been received or credited from or to the concession.
A royalty is payable to Endiama, the Angolan marketing agency.
After the company closes on the private placement reported in Stockwatch
May 23 1997, it plans to send a team of geologists to Angola to complete an
assessment of the concession.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
