HURRAH!!!!!
August 5, 1997
Due Diligence Completed and Legal Options Filed
NU-LITE INDUSTRIES LTD ("NLE-V;NULTF-L")
- Due Diligence Completed and Legal Options Filed
Kenneth W. Trociuk, President & CEO, Nu-Lite Industries Ltd. (the "Company") is pleased to announce to its shareholders that
it has submitted final materials to the Vancouver Stock Exchange for approval of its Yangzhaiyu Gold Project Joint Venture,
located in Henan Province, Peoples Republic of China. (see news release March 4th, March 17th, March 27th, April 23rd, June
4th).
Subject to approval of the Vancouver Stock Exchange, Prima Mining Incorporated ("Prima") , with Nu-Lite as operator and
40% shareholder will proceed with the joint venture with the China He Nan Province San Men Xia Shi Gold Industry
Corporation Company which will form the San Men Xia Jin Tuo Mining Exploration Company Ltd. Attached to this Joint
Venture is a Joint Mining Contract with Lingbao City, Sucun Town Mining Exploration Company.
The Joint Mining Contract gives the San Men Xia Jin Tuo Joint Venture the right to explore for and mine gold from the #60
Vein on the Yangzhaiyu Gold Property. Actual mining rights are within an area covering 1400 metres along the strike of the
vein and 2200 metres in the dip-direction of the vein. The mining permit allows the Joint Venture to mine from surface
down to depth.
Final approval of the Yangzhaiyu Gold Project is subject to acceptance of the Vancouver Stock Exchange. The closing of the
fully subscribed 2,200,000 unit private placement at CDN $2.00 per unit is also subject to final approval of the Yangzhaiyu
Gold Project and the Joint Venture. Proceeds from the private placement will be used to develop and upgrade the Yangzhaiyu
Gold Project as per I Rocky Borovic's recommended budget of CDN $2,871,000 and will commence immediately.
Nu-Lite would like to thank its shareholders for their patience and support during the delay in the due diligence process and
looks forward to continuing success at the Yangzhaiyu Gold property.
TEL: (604) 682-2998 Kenneth W. Trociuk, President/CEO FAX: (604) 688-3346 |
