Big Valley's QR property acquisition approval withdrawn
Big Valley Resources Inc BV
Shares issued 25,771,533 Jan 24 close $0.04
Thu 24 Jan 2002 News Release
Mr. Edward McGovern reports
The Canadian Venture Exchange has withdrawn Big Valley Resources'
submission No. 60949, covering the acquisition of the QR property located
near Quesnel, B.C. Kinross Gold Corp. is the recorded owner of the QR
property. Previous filing with the CDNX, as reported in Stockwatch on April
16 and 20, 2001, will not be proceeding, and the conditional approval
previously granted by the CDNX on April 20, 2001, has been rescinded as the
CDNX's conditions were never satisfied. The company has not made any
application with the CDNX regarding proposed acquisition of the QR mine at
this time. Should the company propose to acquire the property in the
future, a new filing must be made with the CDNX and regulatory approval
will be required.
The company erred in its news release of May 2, 2001, concerning the
airborne survey completed on the QR property. The company does not own the
QR property, and will not be reporting the survey results.
In reference to the management discussion for the period ended June 30,
2001, the company wishes to clarify that it had negotiated an agreement
with certain shareholders and former insiders on a shares-for-debt
transaction for the amounts shown on the balance sheet as of June 30, 2001.
These transactions were not completed:
Loan payable: $111,197
Due to related parties: $350,413
These agreements are being renegotiated, as the time frame required by the
CDNX of 30 days elapsed before the transaction could be completed. The
company will submit a proposal for acceptance by the CDNX in the next few
days.
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