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Gold/Mining/Energy : Canadian Diamond Play Cafi

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To: Letmebe Frank who wrote (1781)	1/25/2004 12:22:31 AM
From: Salt'n'Peppa	Read Replies (1) of 16204

Frank, SAZ will end up with 45% of Churchill West. internationalsamuel.com Under the terms of the agreement, Samuel can exercise its option by: issuing 200,000 common shares of Samuel upon regulatory approval; reimburse 100% of property acquisition costs; and incur $1 Million in exploration expenditures over two years, of which $500,000 must be spent before December 31, 2003. Upon vesting, a joint venture will be established and both Shear and Empire shall have the right to buy back a 10% interest within 90 days for the sum of $100,000 cash. Shear shall be the operator of the project. Shear, Empire and Samuel shall have joint first rights of refusal on the non-diamond rights proportionate to their respective interests. The property is subject to a 2.0% gross overriding royalty and net smelter royalty by the Hunter Exploration Group. --------------------------------- The first deadline has been met. SAZ will spend a further $500K in 2004. Results are very encouraging so far in this early stage of exploration on Churchill West. They have diamondiferous kimberlites on this property and the next round of results are due back from the lab at any time. They are actually a bit late. Cheers, S&P

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