Latest hot off the wire now when is the price going to stop
dropping ???
Kevin
FOR: RIOSUN RESOURCES CORPORATION
VSE SYMBOL: RSR
JULY 31, 1997
Riosun Resources Corporation Status Report July 30th,
1997
CALGARY, ALBERTA--
EXIMAD - Emerald / Sapphire Mines
Current contracts of 6 concessions is in good standing. The
company has purchased heavy equipment from Catipillar, France, and
shipped it to Madagascar. $236,000.00 USD.
The company has advanced $120,000.00 USD to Eximad for operating
subsidy.
The company has transshipped the heavy equipment to the mine site,
to perform road building and site clearing. The company has also
paid duties and taxes on the equipment to customs Madagascar.
The company awaits the balance of funding to procure the balance
of mining equipment required, and dispatch geologist to complete
evaluation of the mine site opening. (Estimated to be $100,000.00
USD).
GLAMORGAN - Gold Properties
Current contracts of 5 concessions is in good standing. The
company has advanced payment of $250,000.00 USD for stage one
costs pursuant to the contract. The company awaits the balance of
funding to be completed, to dispatch the geological team to
complete the next phase of exploration work, to determine drill
sites and core testing.
P.R.C. - Tongling Projects China
The company has requested an extension to finalize agreements with
the government until the end of September 1997.
MANAGEMENT
The company has engaged a new Managing Director of Riosun
Resources Madagascar S.A.R.L., Mr. Ran Timor. The company has
terminated the roll of Mr. Dror Moradov as its Managing Director
of Riosun Resources Madagascar S.A.R.L.
Negotiations are ongoing for the completion of a Private Placement
financing, and the company is confident these matters will be
concluded in a timely fashion.
The company is very confident on its ability to complete the
programs initiated, and will advise its shareholders in a timely
fashion.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Riosun Resources Corporation
Charles Cochrane
President & CEO
(403) 266-3644 |
