FENWAY RESOURCES LTD.
Suite 308 - 409 Granville Street, Vancouver, BC V6C 1T2
TEL: (604) 844-2265 FAX: (604) 844-2267
NASDAQ OTC: FENRF
World Wide Web Site: fenwayresources.com
E-mail: fwy@fenwayresources.com
97-12 NEWS RELEASE June 20, 1997
FENWAY FILES APPEAL AND CONTINUES
COMMITMENT TO BUILD PALAWAN CEMENT PLANT
Fenway Resources has filed an appeal against the actions taken by the Vancouver Stock Exchange in delisting Fenway, effective May 21, 1997. The appeal was made to the B.C. Securities Commission under Section 15 (1) of the Securities Act.
Fenway's Directors decided that an appeal should be filed to protect the interests of their shareholders. The VSE delisting was undertaken without adequate opportunity to address their concerns with Fenway's management. VSE concerns over policy violations by Fenway should have been viewed in relation to what effect, if any, the violations had on the shareholders, what actions Fenway was taking to correct the violations, and what other action the VSE could have taken in place of delisting, e.g. work with the Company and monitor its plan to achieve full compliance under VSE policies.
Despite the delisting by the VSE, Fenway is continuing to develop its Palawan Cement project in conjunction with Strategic Alliance Development Corporation (STRADEC). Immediately upon receipt of the Environmental Clearance Certificate (ECC), finalization of the financing and joint venture agreements will take place.
With direction and cooperation from its joint venture partner, Central Palawan Mining and Industrial Corporation, Fenway is sponsoring an information campaign and food relief and health benefit programs for the indigenous people of the mountain region near the quarry site. On receipt of the ECC, representatives of the project proponents will proceed to the town of Punang, Sofronia Espa¤ola near where the cement plant will be located, to meet and commence planning with municipal government and civic officials for organizational meetings in preparation for the establishment of job training programs for local residents and cement plant employees.
ON BEHALF OF THE BOARD
A. Leonard Taylor
Vice-President and Director |
