Hello BLZBub
Off the wire:
Thursday April 18, 9:00 am Eastern Time
Press Release
SOURCE: Mill City International Inc.
Mill City International Inc. - Drilling Commences At Yamba Lake, Northwest Territories
CALGARY, April 18 /CNW/ - MILL CITY INTERNATIONAL INC. (MIY-CDNX) (MIYN-OTC) ("Mill City") together with joint venture partners TANQUERAY RESOURCES LTD. (TQY-CDNX) and TECHSITE STRATEGIES CORP. (TSS-CDNX) are pleased to announce that SOUTHERNERA RESOURCES LTD. (SUF-TSE) has commenced drilling on the Yamba Lake Property and anticipates drilling approximately six targets during the current drill program.
Mill City, Tanqueray and Techsite have signed a new Option Agreement with SouthernEra whereby SouthernEra has the option to earn a 60% undivided interest in the 152,000 acre Yamba Lake Property by completing and delivering to the parties a bankable feasibility study on or before December 31, 2006. When SouthernEra has earned its 60% undivided interest, the remaining interests in the Property will be Mill City - 16%, Tanqueray - 16% and Techsite 8%. SouthernEra has a further right to increase its interest to 65% by arranging on behalf of all parties, 100% of the required capital cost financing set out and defined in the bankable feasibility study. Should SouthernEra arrange such financing the remaining interests of the other parties shall be reduced proportionately.
Throughout the option period and in each calendar year, SouthernEra shall be required to spend a minimum of $300,000 on the Yamba Lake Property to maintain its option.
"Larry D. Revitt"
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Larry D. Revitt, President
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this Release.
For further information
MILL CITY INTERNATIONAL INC., Larry D. Revitt, President, Tel: (403) 640-0110, Fax: (403) 640-4024
Regards |
