From: newsout@canada-stockwatch.com
Date: Tue, 20 Jan 1998 13:51:59 -0800
Subject: Stockwatch: Cambridge Minerals Ltd - News Release
To: ajanko@erinet.com
Cambridge to earn 50% of New Claymore's Cadotte River prospect
Cambridge Minerals Ltd CBM
Shares issued 5,100,000 Jan 19 close $0.24
Tue 20 Jan 98 News Release
Mr Robert McMorran reports Cambridge Minerals has reached an agreement in principle with New Claymore Resources whereby Cambridge has an option earn a 50% undivided interest in the Cadotte River prospect, comprising approximately 138,000 acres, by making a cash payment to New CLaymore on signing of $50,000; a cash payment of $50,000 on closing; a further cash payment of $50,000 by January 31 1999; and issuing 250,000 shares and 250,000 warrants on closing. Each
warrant entitles the holder to purchase an additional share for $0.30 for one year from the closing. Cambridge must also incur exploration expenditures on the property of $1.50 per acre on or before January 31 1999 and an additional $2.50 per acre on or before January 31 2000. Subsequent to New Claymore completing an airborne survey on the property, all additional exploration expenditures will be financed equally by both companies. The Cadotte River prospect is in the Buffalo Head craton and is adjacent to the core group of permits held by Ashton Mining of Canada, Pure Gold Minerals and Alberta Energy Co. Under a separate agreement with Cambridge, New Claymore may earn a 25% undivided interest in the Calder Lake prospect, comprising approximately 300,000 acres, by making a cash payment to Cambridge on signing of $100,000; incurring jointly with Cambridge exploration expenditures of approximately $234,000 by October 17 1998 and $684,000 (cumulative) by October 17 1999; and undertaking certain other obligations jointly with Cambridge. The exploration expenditures are to be financed equally by the company and New Claymore upon completion by Cambridge of an airborne
survey.
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