NEWS RELEASE
October 22, 1997
BMA Mining Corporation ("BMA") is pleased to announce that it has assigned to Northpoint Resources Ltd. ("NPR") 55% of its option to earn a 100% interest in certain patented mineral claims located in the Porcupine Mining Division, Stock Township, Province of Ontario, more particularly described as follows:
Lot 4, Concession 4, Lot 5, Concession 3,
Lot 11, Concession 4, Lot 10, Concession 5
(the "Stock Claims")
BMA acquired the option from Carl Huston by agreement dated October 21, 1997 (the "Underlying Agrement") under which he assigned to BMA his right to earn a 100% interest in the Property, subject to a 2% net smelter return royalty to the original vendor of the Stock Claims.
To earn it's 55% interest, NPR must expend a minimum of $445,000 on exploration and development of the Stock Claims on the following basis:
(a) expend a minimum of $100,000 on or before one year from the agreement date;
(b) expend a minimum of $150,000 in year two of the agreement; and
(c) expend a minimum of $200,000 in year three of the agreement.
In addition, NPR will be obliged to pay its proportionate share of the payments due by BMA to Carl Huston pursuant to the Underlying Agreement. The Underlying Agreement requires that a total of $50,000 be paid to the original vendor of the Stock Claims.
This agreement and the Underlying Agreement referred to above are subject to Vancouver Stock Exchange regulatory acceptance.
ON BEHALF OF THE BOARD OF DIRECTORS
NORTHPOINT RESOURCES LTD.
DAVID DUVAL
Director
BMA MINING CORPORATION
Mitch Adam
Director |
