Just "discovered" Apollo Gold News Releases on SEDAR Website.
The Following One Seems to be Key; I wonder if the shares are going to be passed on or is management going to use them to "the best interest of the shareholders"? The next couple of years should be interesting to say the least
Winzer
Apollo Gold shines from acquisition of Glimmer mine
Apollo Gold Corp APG
Shares issued 31,554,131 Sep 6 2002 close $ 2.50
Monday September 9 2002 News Release
Also Exall Resources Ltd (EXL) News Release
Also Glimmer Resources Inc (GME) News Release
Mr. R. Llee Chapman of Apollo Gold reports
APOLLO GOLD CORPORATION, EXALL RESOURCES LIMITED AND GLIMMER ...
Apollo Gold Corporation has completed the acquisition of a 100-per-cent
interest in the Glimmer mine from Exall Resources Limited and Glimmer
Resources. The mine was controlled by a joint venture, 52 per cent owned by
Exall and 48 per cent owned by Glimmer, with the operator being Exall. The
transaction was previously announced in Stockwatch on May 30, 2002.
The Glimmer mine is located approximately 80 kilometres east of Timmins, Ont.,
and eight kilometres east of Matheson, Ont., in the Porcupine camp. Large
producing mines along this 150-kilometre-long prolific gold trend are mines
such as the Hollinger, Dome and Pamour mines on the west end, and the
Barrick's Holt McDermott and Newmont's Holloway mines to the east. The Glimmer
mine is located approximately midway between these famous producers, and has
similar geology, geologic structure and gold mineralization.
The Glimmer mine is currently on a standby, care and maintenance basis, and is
a former gold producer which suspended operations in May, 2001, due to low
gold price levels. Gold production in the four-month period in 2001 was 11,895
ounces, 46,418 ounces for the year 2000, 48,266 ounces for the year 1999,
64,319 ounces for the year 1998 and 39,884 ounces for the year 1997.
Commercial production at the mine commenced Jan. 1, 1998. The mine currently
has reported resources and reserves of approximately 430,000 ounces of
contained gold. Minable reserves are reported to be approximately 778,000
tonnes at a grade of 8.91 grams per tonne, for approximately 223,000 ounces of
contained gold. In addition, resources are estimated to be 1.2 million tonnes
grading 5.36 grams per tonne. This resource figure does not include the
reserve figure stated above.
Apollo paid to Exall and Glimmer, in the total, $3,159,200 and 2.0 million
common shares of Apollo. An additional cash payment of $3-million in the total
is due to Exall and Glimmer at the time the mine reaches commercial
production.
The purchase agreement contains an antidilution provision requiring Apollo to
increase the number of common shares to be issued to Exall and Glimmer
proportionately to reflect the effect of any dilution which occurs if Apollo
issues common shares or securities convertible into common shares to a third
party within four months of the date the Glimmer mine transaction closes, to a
maximum of 80,000 common shares and subject to regulatory approval. As
previously disclosed in Stockwatch, Apollo has entered into an agreement for a
proposed private placement of up to 4,963,727 special warrants of Apollo.
Pursuant to the aforementioned antidilution provision, upon completion of the
special warrant offering, Apollo will issue up to an additional 80,000 common
shares to Exall and Glimmer in addition to the 2.0 million common shares set
out above.
Apollo intends to embark on a drilling program designed to delineate new
resources and reserves. The exploration program will review targets along
strike and down dip from the current underground workings. The program
envisaged will be a phased approach to exploration, with the first phase
consisting of surface exploration drilling and the second phase consisting of
underground drilling. The planned underground redevelopment program is
designed to bring the Glimmer mine back into commercial production and is
expected to take approximately 18 to 24 months to complete.
(c) Copyright 2002 Canjex Publishing Ltd. stockwatch.com |
