CEO appointed; Oriole Mining acquiredÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
AmCan Minerals Ltdÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ AMF
Shares issued 27,092,269ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Jan 14 close $0.34
Thu 15 Jan 98ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ News Release
Mr Bronson Conrad reports Mr John Anthony has beenÿ appointedÿ CEOÿ ofÿ theÿ companyÿ whichÿ recently completedÿ negotiationsÿ for the purchase of 100% of the outstanding shares of Oriole Mining of which Mr Anthony is the principleÿ shareholder.ÿ
Oriole isÿ being purchased for US$200,000 and 12,500,000 shares of AmCan. Oriole's holdings include four major diamond bearing properties in Angola, the Tejok Diamond concession, covering 114 sq km, the Grupo W concession, covering 64 sq km, the Four River diamond concession, covering 8,200ÿ sqÿ km,ÿ andÿ the Quilembaÿ property,ÿ coveringÿ 15,000ÿ sqÿ km.ÿ The Tejok, Grupo W and Four Rivers properties are all within the Lunda Norte province.
The Tejok licence is 43km to the southwest of the town ofÿ Dundoÿ inÿ Lunda Norteÿ province,ÿ andÿ the Rio Chicapa River runs through the property. The areas have been exploredÿ inÿ theÿ pastÿ byÿ Diamang.ÿ Previousÿ geological reportsÿ haveÿ involvedÿ delineation of proven reserves by test pitting and trenching with a layout related to zones of influence of theÿ trenchesÿ and pits.ÿ Totalÿ provenÿ reservesÿ accordingÿ to the available information are 168,249 carats, within a land area of 529,070 sq metres out of aÿ totalÿ of 114 sq km. This acquisition covers a total land area in excess of 23,000 sq km.
(c) Copyright 1998 Canjex Publishing Ltd.
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