Jan: I'll get you the last 3 releases, #1:
Alliance Pacific Gold Corp.
APG VSE September 9, 1997
Alliance Acquires 50% of Jalna Mining Corp.'s Indirect Interest In Golden Kolyma Project, Magadan District, N.E. Russia
ALLIANCE PACIFIC GOLD CORP ("APG-V;APGO-L")
JALNA MINING CORP. ("JMC-V")
- Alliance Acquires 50% of Jalna Mining Corp.'s Indirect Interest - In
Golden Kolyma Project, Magadan District, N.E. Russia
Brian A. Lueck, P.Geo., President of Alliance Pacific Gold Corp., announces that the Company has entered into an Option Agreement with Jalna Mining Corp. ("Jalna") to acquire 50% of Jalna's contractual rights to acquire a 50% indirect interest in the Golden Kolyma Project in the Magadan region of northeastern Russia. In order to exercise the option, the Company must: (a) immediately advance US $100,000 to Jalna, which funds will be used towards ongoing exploration activities on the Golden Kolyma Projects; and (b) subject to Jalna closing its acquisition:
(i) advancing on behalf of Jalna, the balance of Jalna's acquisition costs, being US $920,000.
(ii) providing a further US $1,000,000 towards exploration and feasibility studies in 1998 on the Golden Kolyma Project.
Jalna is currently proceeding with the acquisition of a 50% interest in MEC Golden Kolyma Ltd. ("Golden") , which is an active gold mining company in the Magadan region of northeastern Russia. Golden holds licenses for exploration and exploitation covering an area in excess of 7,000 sq. km. There are 5 major projects held within this corporation consisting of both hardrock and placer gold reserves. Deposit names, reserves and resources are listed below:
TABLE 1: SUMMARY OF RESERVES
//st
DEPOSIT RESERVES (C(1), C(2) + P(1)) RESOURCES (P(1) + P(2))
Tokhto 16 Tonnes Au 10 Tonnes Au
Mal'dyak 45.7 Tonnes Au 120 Tonnes Au
Rassokha 17 Tonnes Au 90 Tonnes Au
Sluchainyi - 75 Tonnes Au
Dubach - 100 Tonnes Au
TOTAL 78.7 Tonnes Au* 395 Tonnes Au*
*31.1 tonnes of gold = 1 million troy ounces //et
To date, Golden Kolyma has been funded, based on its future gold production, by Inkombank of Russia, (a New York Stock Exchange listed company), who is a 45% shareholder in Golden Kolyma. Project feasibility studies are slated to begin in 1998. Ongoing exploration is concentrating on trenching, bulk sampling and channel sampling to confirm or upgrade the current resource estimates.
This transaction is subject to acceptance by the Vancouver Stock Exchange and represents a non-arms length transaction, as Jalna and the company share one common director.
TEL: (604) 688-2010 Brian A. Lueck, P.Geo., President FAX: (604) 688-2015
TOLL FREE: 1 (800) 785-3339 WEBSITE: mineral@mineweb.com |
