Well Rick, Some unexpected positive news:
Aranlee Resources Ltd -
Rio Tinto to drill El Acay property
Aranlee Resources Ltd
ARB
Shares issued 18600000
1998-02-12 close $0.1
Friday Feb 13 1998
Mr Stephen Kay reports
Aranlee has been informed that Rio Tinto will commence drilling on the El Acay
gold-copper-molybdenum property in Salta province, northern Argentina in late
April/early May this year. A preliminary program of approximately 2,000m of
reverse circulation drilling will test strong hydrothermal alteration within intrusives
and sediments covering an area of about 7km x 4km and will target specific zones
with anomalous gold-copper-molybdenum rock and soil samples. Further
information will be disseminated as it is received from Rio Tinto.
Under the terms of the formal agreement signed in December 1997, Rio Tinto can
earn a 100% interest in the property by; a) assuming all remaining option
payments to the underlying property owner (totalling US$830,000 over four
years; b) spending US$2 million in work expenditures over five years, including a
guaranteed US$100,000 in the first year; c) completing a bankable feasibility
study within five years; d) at Rio Tinto's election, either paying to the underlying
property owner a 0.9% nsr royalty upon commencement of production or buying
out the royalty for US$1.0 million within 180 days of completion of a bankable
feasibility study; and e) contributing to the property its 100% owned Saladillo
concession which partially overlaps onto Aranlee's property. Once Rio Tinto
acquires a 100% interest, Aranlee has the right to buy back up to a 40% interest
in the combined property within six months of the completion of a bankable
feasibility study by paying to Rio Tinto 1.75 times the expenditures incurred by
Rio Tinto up to that date pro rated for the percentage interest sought up to a
maximum of 40%. If Aranlee elects not to exercise its buy-back right then it will
receive a 3% nsr royalty.
The non-brokered private placement announced by Aranlee in Stockwatch
December 5 1997 has been withdrawn based on current market conditions and a
new private placement financing is being arranged. Aranlee had planned to issue a
total of 3.25 million shares at $0.20 to provide $650,000. Terms of the new
placement will be announced shortly.
The Vancouver Stock Exchange has accepted for filing the following submissions:
The issuance of 409,289 shares of Aranlee to NDT Ventures at $0.262 per share
to satisfy an obligation to pay exploration expenditures totalling $107,233.67.
These expenditures represent 50% of the 1996 and 1997 exploration costs
incurred by NDT, as operator, on behalf of Aranlee on 17 joint venture properties
in the Voisey's Bay area.
To issue 50,000 shares of Aranlee to NDT in connection with Aranlee acquiring
an undivided 50% interest in 1,565 mineral claims in the Voisey's Bay area. The
interest was acquired pursuant to an agreement dated May 26 1995 and this share
issuance represents the fourth and final block of the original obligation to issue
200,000 shares.
Steven Marsden has resigned as president and director of Aranlee to focus on his
other business interests. Stephen J. Kay, currently vice-president and CFO, will
replace Mr Marsden as president. Mr Kay is president, CEO and a director of
Ecuadorian Minerals Corporation and a director of Arizona Star Resources Ltd.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
