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Gold/Mining/Energy : ETC Industries - Gold - Peru
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To: Henry who wrote ()10/22/1997 2:07:00 AM
From: Sergio R. Mejia  Read Replies (1) of 244
 
E.T.C. Industries Ltd - Acquisition

EIL Shares issued 10,058,940 Oct 20 close $0.15

Tue 21 Oct 97 Acquisition

The VSE has accepted for filing an option agreement dated October 1 1997, between E.T.C. Industries Ltd (the company), Queenstake Resources Ltd and Compania Minera IRI Peru SA (IRI Peru) whereby IRI Peru has granted to the company an option to purchase a 51% undivided interest in the Ancash-26 claim in the Ancash department of Peru known as the Chupaca prospect. IRI Peru is a wholly owned subsidiary of Intercontinental Resources Inc which is a wholly owned subsidiary of Queenstake. The option shall be deemed to have been exercised upon the completion of the following:
1. Incurring minimum exploration and development expenditures of
US$200,000 on a mapping and phase I drilling program, within 12 months from the date of the agreement;
2. If the company has received the recommendation to proceed with further work, the company shall expend up to a maximum of US$800,000 on a phase II drilling program over 24 months beginning after phase I; and
3. Delivering notice to Queenstake of the company's intention to exercise the option. The company shall be the operator of the property. There is a 2% nsr retained by IRI Peru.
The exchange has accepted for filing a finder's fee agreement dated October 1 1997 in which the company has agreed to pay a finder's fee of $22,000 to Mr Fraser Rieche.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
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