NEWS RELEASE THIS AM:
IF I read correctly this states the deal is completed as far as the acquisition portion of the deposit. I guess they now have an asset. It seems realistic to me that they would have to give 10 million shares at least because of the potential dollars/revenue involved. The company was diluted in terms of shares but not in value as far as I can see. Sounds positive to me. When I called this AM a few minutes ago bid was 1 1/2 to 1 3/4. We will see what happens I guess.
This is the email I received from Winchester this AM.
Hope this update is of great interest to you, it's a major
event our shareholders have been waiting for. Please contact us with any questions you may have concerning this latest development with Winchester.
Sincerely - the Winchester Investor Relations Team
************************************
Winchester Mining Corporation
1313 North Market Street
Wilmington, Delaware
U.S.A. 19801-1151
November 20, 1997
NEWS RELEASE
FOR IMMEDIATE RELEASE OTC BULLETIN BOARD WNCR
WINCHESTER MINING HAS COMPLETED LIMESTONE AGREEMENT
Winchester Mining corporation (OTC Bulletin Board - WNCR) (the "Company") is pleased to provide an update to the November 12, 1997 press release regarding its negotiations to acquire a major chemical grade limestone deposit.
The Company reports that it has signed an agreement giving it the right to mine, process and sell Five (5) Billion tons of limestone over a period of 50 years. Pursuant to the terms of the agreement, the Company will be required to issue 10,000,000 shares out of it's capital as the initial consideration and pay a royalty of $0.25 (US) per ton for every ton of limestone sold by the Company during the term of the agreement.
The Company reports that it is continuing to pursue an Asian trading
partner to "broker" the acquired limestone reserve to the Asian market. The resulting sale could produce estimated yearly cash flows of approximately $80,000,000 (US) at current market prices.
The Company will issue further news releases, outlining specific details of it's proposed operations under the agreement with it's supplier, as well as, further updates on the sales and brokerage agreements, at such time as formal negotiations of the sales and brokerage agreements have been completed.
ON BEHALF OF THE BOARD OF DIRECTORS
Ed Gibbons, President/Director
For further information, please contact our Investor Relations Consultants at:
(250)-716-3366 or 1-888-645-6444
fax (250)-716-0502
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