Hi Ron,
****NEWS RELEASE****
I see they have a new partner.
Grasshopper property option agreement
Alda Industries
Corporation
ALD
Shares issued 5524813
1997-08-12 close $0.32
Wednesday Aug 13 1997
Also Phoenix Gold Resources Ltd (PHO)
Dr Stewart Jackson reports
Further to news in Stockwatch August 5 1997,
Alda has entered into a binding letter agreement
with Ron Bilquist, Leslie Allen, Phoenix Gold
Resources and Cariboo Highlands Metals to
acquire a 35.5% interest in the Grasshopper
platinum claims in the Similkameen mining
division, near Tulameen, BC.
Alda can earn in its interest based on the terms set
out below:
(1)
issuance of 50,000 shares to Phoenix after
obtaining receipt of VSE approval to this
transaction;
(2)
issuance of 50,000 shares to Cariboo after
obtaining receipt of VSE approval to this
transaction;
(3)
a commitment to expend $55,000 on
exploration of the property within 15 days after
obtaining VSE approval of this transaction; and
a commitment to expend $55,000 on exploration of
the property from October 2 1997 to October 1
1998.
Notwithstanding the minimum exploration
expenditure commitments described above, the
company has agreed to use all reasonable efforts to
earn in its entire 35.5% interest in the property
before August 25 1997. To that end, the company
anticipates expending $110,000 on property
exploration before August 25 1997.
All of the foregoing transactions are subject to
regulatory approval and the company satisfying its
business and legal due diligence requirements on
the property.
Phoenix has commenced exploration of the
property. Road refurbishing is complete and core
drilling has commenced at the property. The
purpose of the current drill program is to attempt to
assess the continuity of the known platinum
occurrences mapped out by previous surface work,
percussion and limited core drilling. Occurrences
of the host rock, (dunite) have been identified over
a 5.5km by 2.5km area. Results of the previous
work have included chip and channel samples up
to 0.45 opt, (15.43 gpt) platinum over 5.9 ft,
(1.8m). A 32 hole percussion drill program
returned a high of 0.27 opt, (9.26 gpt) platinum
over a 10 ft (3.05 metre) intersection. Research has
shown that platinum demand continues to rise
world-wide for use in automotive catalytic
converters as well as jewelry and industrial
applications. Currently South Africa and Russia
produce a majority of the world's supply although
South African production is decreasing and
Russian supply has fluctuated. Platinum prices
have been strong in the current market with a
recent price of US$452 oz representing a 40%
premium over the price of gold.
(c) Copyright 1997 Canjex Publishing Ltd.
canada-stockwatch.com
Maybe we should start a PHO&ALD thread.
HARLEY. |
