Good Day!
"CBM" Cambridge Minerals issued another news/press release today! In my own opinion I like the stated potential working relationship/partnership with New Claymore! Time will tell what shareholder value this brings!
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ÿCanadian Company Press Releaseÿ
CBMÿÿ1998-01-20 ÿÿ(provided courtesy of ISDN Wire Service)
CAMBRIDGE MINERALS REACHES AGREEMENT IN PRINCIPLE WITH NEW CLAYMORE RESOURCES
VANCOUVER, B.C.--
CBM #98-2
U.S. 12g #82-4669
Cambridge Minerals Ltd. ("Cambridge" or "the Company") is pleased to report
that it has reached an agreement in principle with New Claymore Resources
Ltd. ("New Claymore") whereby Cambridge has a n option to 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, subject to ASE approval; a
further cash payment of $50,000, on or before January 31, 1999; and issuing
250,000 common shares and 250,000 common share purchase warrants on closing,
subject to ASE approval. Each warrant entitles the holder thereof to
purchase one common share of Cambridge for $0.30 per share 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 funded equally by both companies. The Cadotte River
Prospect is located in the Buffalo Head Craton and is adjacent to the core
group of permits held by Ashton Mining of Canada Inc., Pure Gold Minerals
Inc. and Alberta Energy Company Ltd.
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 funded equally by the Company and New
Claymore upon completion by Cambridge of an airborne survey.
CAMBRIDGE MINERALS LTD.
signed "R.G. McMorran"
Robert G. McMorran, C.A.
President
For further information please contact:
Jackie Muirhead - Manager, Investor Relations
Tel: (604) 688-2321 Fax: (604) 684-0642
Toll free: 1-888-303-3232
e-mail: info@cambridgeminerals.com
The Alberta Stock Exchange has neither approved nor disapproved of the
information contained herein.
ÿ
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