There was an excllent article in the Northern Miner Volume 83 Number 20, July 14, 1997. It would have been nice of the company to send a copy to individual and prospective shareholders(times must be tough); but I hope that I can count on you the reader to spread the word to those who are asking what the big Placer/Canuc deal is all about.
Most of it is reproduced here for those of you without access to this Canadian publication:
Canuc, Placer Ink Ecuadorian Deal
Toronto based Canuc Resources has entered into a joint venture agreement with Placer Dome to explore and develop the Nambija gold deposit in southeastern Ecuador.
Under the agreement , Canuc, in return for US$2 million, will issue 900,000 shares to Placer ad make available information realting to the property.
The agreement, spread over five years, grants four options which, if exercised, will earn Placer a 60% interest in the property.
To excecise all four options, Placer must: contribute US$10 million to Canuc through stock purchases and cash payments; spend at least US$6 million on exploration; complete a bakable feasibility study; and finance 70% of CAnuc's share f mine development costs.
The 69 ha area is prospective for gold bearing skarns, silicified feldspar breccias, gold-copper porphryis and quartz stockworks. The resoure is estimated to consist of 8.6 million tonnes grading 7.9 grams gold er tonne.
The deposit was the site of an uncontrolled staking rusk during the early 1980's.Artisinal miners are estimated to have extracted 2.4 million ounces of gold from the area since 1982.
As part of Canuc's past strategy of consolidating control over Nambija, the company acquired a 40% minority interest in an Ecuadorian mining company, which held the Gold Star Mine on the property.
Under the agreement, Canuc issued 7 million shares and 4 million share-purchase warrants, which are exercisable over two years at a price of $4.5 per share. The company is also required to pay US$5 million either in cash or stock.
End of Article.
Cheers Winzer |
