$$ NEWS $$ Seabridge Seeks Clarification on Borealis Gold Project
Toronto, Ontario
On Friday February 15, 2002 Seabridge Resources Inc. received notification from Golden Phoenix Minerals, Inc. purporting to cancel the letter agreement with Seabridge announced on February 12, 2002 whereby Golden Phoenix agreed to sell to Seabridge its 100% interest in the Borealis gold project located in Nevada. Golden Phoenix advised Seabridge that they ``have uncovered some issues with the underlying lease that requires us to cancel the scheduled due diligence and to further cancel the letter agreement, signed on February 11, 2002.''
Seabridge believes that its agreement with Golden Phoenix, which was approved by the Golden Phoenix Board of Directors, is binding upon Golden Phoenix. Seabridge is not aware of any terms or conditions in the underlying lease agreement for the Borealis property which would prevent completion of Seabridge's acquisition of the project. Seabridge is seeking clarification from Golden Phoenix of its position and will then evaluate its options.
biz.yahoo.com
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I agree fully,, As luck would have it, I moved some to CDE also, sold some CDE Friday at 1.30,
Looks like CDE may keep listing on Big Board if metals don't collapse
most of my GPXM was .10 or below,, so still sleeping at night.
this news today is not good, I am a Real Estate Broker, looks like to me, they are going to try the ( specific performance ) route.
not good. |
