INDEPENDENCE RESOURCES.......IDN/VSE Message Board

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Gold/Mining/Energy : INDEPENDENCE RESOURCES.......IDN/VSE

IDN 6.640

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To: HARLEY II who wrote ()	7/27/1997 10:48:00 PM
From: jerry janko	of 21

From: newsout@canada-stockwatch.com Date: Thu, 24 Jul 1997 03:49:54 -0700 Subject: Stockwatch: Independence Resources Inc - News Release To: ajanko@erinet.com Independence and Greenstone join forces in Mexico Independence Resources Inc IDN Shares issued 6,442,980 Jul 22 close $0.28 Thu 24 Jul 97 News Release Also Greenstone Resources Ltd (GRE) Mr Ian Park reports Independence Resources has an agreement with Greenstone Resources, Central America's largest gold producer, to explore and develop gold properties in Mexico. Greenstone will provide technical and financial assistance to Independence in exchange for the right to purchase 50% of Independence's interest in its Mexican gold projects. As part of the agreement, Greenstone has subscribed for 1,000,000 units of Independence at $0.35, by way of private placement. Each unit consists of one share and one two-year warrant. On a fully diluted basis, this gives Greenstone 13% of Independence, making it the company's largest shareholder. Michael D. Johnson has been appointed president and CEO and a director of Independence. Mr Johnson was vice-president and chief geologist of Greenstone Resources. Mr Park has moved from the president's position to chairman of the board of Independence. Greenstone has explored, developed and constructed three large open-pit, heap-leach mines in Central America and its expertise in this field will make a considerable contribution to the evaluation of Mexican projects. Mr Johnson was instrumental in building Greenstone's large gold reserves on these three projects over the past three years and is the ideal CEO to direct Independence's new initiative into Mexico. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com

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