From: newsout@canada-stockwatch.com
Date: Mon, 30 Jun 1997 05:23:50 -0700
Subject: Stockwatch: New Claymore Resources Ltd - News Release
To: ajanko@erinet.com
Diamond exploration JV
New Claymore Resources Ltd NCS
Shares issued 4,015,775 Jun 27 close $1.51
Mon 30 Jun 97 News Release
See Everest Mines and Minerals Ltd (EVR) News Release
Mr Michael Piek, Mr Andrew Galloway and Mr Anthony Rich report
In an off the market transaction option holders have exercised 500,000
stock options for proceeds to Everest Mines & Minerals of $750,000. The
shares issued upon the exercise of the options have been sold to two arms
length parties.
Blackrun Ventures and Everest Mines & Minerals have formed a joint venture
with New Claymore Resources on two Alberta properties for the purpose of
diamond exploration. Terms of the agreement are as follows:
Property No. 1
New Claymore Resources has granted to each of Everest and Blackrun the
option to earn a 25% interest in 230,000 acres inside the geological area
known as the Buffalo Head Craton in proximity to significant diamond
discoveries by Ashton Mines of Canada. The property lies along the south
bank of the Peace River at 115 degrees north latitude. Everest and Blackrun
earn interest under the following terms:
(a) Each of Everest and Blackrun paying to New Claymore the sum of $25,000
on execution of this agreement;
(b) Each of Everest and Blackrun issuing 25,000 shares to New Claymore
immediately upon acceptance of the VSE to this agreement;
(c) Each of Everest and Blackrun paying to New Claymore the sum of $25,000
on or before November 30 1997;
(d) Each of Everest and Blackrun issuing 75,000 shares to New Claymore upon
acceptance by the VSE of a geological report recommending further work on
the claims, which issuance is to be made on or before December 31 1997;
(e) The optionees performing exploration expenditures on the claims in
amounts as follows: (i) $1.50 per acre on or before June 15 1998; and (ii)
$2.50 per acre on or before June 15 1999;
(f) Everest has deposited $55,000 on signing of this agreement as a deposit
for the airborne magnetic survey. Other than the survey, Everest will
direct all exploration activities on the claims in the 1997 and 1998 field
seasons.
Property No. 2
New Claymore Resources has granted to each of Everest and Blackrun the
option to earn a 25% interest in 230,000 acres inside the geological area
known as the Buffalo Head Craton in northern Alberta in the proximity of a
significant diamond discovery by Ashton Mines of Canada.
The south end of this property lies inside the Shaftesbury Formation, the
same formation believed to host the diamondiferous kimberlite field.
Everest and Blackrun earn their interest under the following terms:
(a) Each of Everest and Blackrun paying to New Claymore the sum of $25,000
on execution of this agreement;
(b) Each of Everest and Blackrun issuing 25,000 shares to New Claymore
immediately upon acceptance of the VSE to this agreement;
(c) Each of Everest and Blackrun paying to New Claymore the sum of $25,000
on or before November 30 1997;
(d) Each of Everest and Blackrun issuing 75,000 shares to New Claymore upon
acceptance by the VSE of a geological report recommending further work on
the claims, which issuance is to be made on or before December 31 11997;
(e) The optionees performing exploration expenditures on the claims in
amounts as follows: (i) $1.50 per acre on or before June 15 1998; and (ii)
$2.50 per acre on or before June 15 1999;
(f) Everest has deposited $55,000 on signing of this agreement as a deposit
for the airborne magnetic survey. Other than the survey, Everest will
direct all exploration activities on the claims in the 1997 and 1998 field
seasons.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
