I think they released news to that effect already?
This is the only thing I see.
Laramide Resources Ltd (C-LAM) - News Release
Laramide to increase interest in APR; Booth to board
Laramide Resources Ltd LAM
Shares issued 28,279,622 Aug 1 2003 close $ 0.12
Friday August 1 2003 News Release
Mr. Marc Henderson reports
LARAMIDE PROVIDES CORPORATE UPDATE; NEW DIRECTOR APPOINTED
Laramide Resources (LAM) has provided an update of its corporate activities including its plans with respect to the Alliance Pacific (APR) transaction which was originally announced in mid-2002. Alliance Pacific is a private company based in Toronto, Ont., whose sole asset is an option to acquire an interest in a mineral concession in the autonomous province of Xinjiang in western China. The concession is situated within a highly prospective geologic and metallogenic belt, which stretches from Kazakstan into China and into Mongolia.
The transaction with APR was originally contemplated to be an outright purchase by Laramide of APR with the consideration to consist of Laramide shares and a bonus equity component based on certain performance criteria related to the asset being acquired. The initial closing date for the APR transaction was expected to be November, 2002, but this was delayed pending discussion between the parties regarding a renegotiation of certain terms of the agreement, particularly the terms that related to the valuation and bonus components of the transaction. These discussions have now concluded.
In view of the significant market interest in China as an emerging exploration region -- and in order to maintain APR as a pure China play -- the parties have agreed to keep APR as a stand-alone entity, with LAM maintaining and increasing its existing interest in APR. Under the new agreement both parties will work co-operatively on the China projects and LAM retains the right to finance APR on a pro rata or exclusive basis going forward. As a result of Laramide's advances to APR to date, it will hold 1,284,513 shares in APR, representing an approximate 12-per-cent interest in the company. Laramide will likely acquire further shares in APR and has a right to board representation at the 25-per-cent ownership level.
APR plans to complete an independent technical report in the prescribed National Policy Instrument 43-101 format in the next few months and begin exploration on the property immediately thereafter. LAM will be actively involved in both the completion of the 43-101 report as well as the exploration planning and oversight on the property. A decision with respect to a going-public transaction for APR will be made following the receipt of the 43-101 report and possibly following the initial field season of exploration in China. LAM has been advised by operator Minera Secotec S.A. de CV that gold production commenced on the Cerro Colorado gold project in Sonora, Mexico, in June, 2003. Laramide holds a net smelter return royalty interest in Cerro Colorado and received its initial royalty payment in July. At current gold prices above $350 (U.S.) per ounce, the royalty rate is 2.5 per cent and this rate will increase once cumulative production exceeds 100,000 ounces.
In addition to its China initiative, Laramide continues to own a portfolio of assets including the Lara polymetallic project on Vancouver Island, B.C., the Goliath gold property near Dryden, Ont., and a large (greater than one million shares) equity position in Aquiline Resources Inc., and is pursuing a two-fold strategy of creating value on the existing portfolio while simultaneously being opportunistic with respect to identifying a new high-impact acquisition opportunity. With the strategy with respect to China now resolved, Laramide plans to accelerate its efforts with respect to the pursuit of new opportunities.
Finally, the company has added to its board of directors with the appointment of John Booth. Mr. Booth is a partner with Federal City Capital Advisors in Washington and serves on the board of H2O Innovation, a water purification company. He spent eight years as an investment banker in London and Geneva where he focused on international structured finance. A member of the Ontario, New York and District of Columbia bars, Mr. Booth holds a BSc (honours), LLB, JD, and a masters in international finance and tax law from the University of London.
(c) Copyright 2004 Canjex Publishing Ltd. stockwatch.com
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