***NEWS RELEASE***
Aurado Exploration Ltd -
Letter of understanding for options on eight Mexican properties
Aurado Exploration Ltd AEOShares issued 352727201998-02-16 close $0.51Tuesday Feb 17 1998Also Cominco Ltd (CLT) Mr William Dickie reports Aurado Exploration has signed a letter of understanding with Cia. Minera Constelacion S.A. de C.V., a wholly owned subsidiary of Cominco. Two of these properties are adjacent to and immediately west of the Western Copper Holdings/Teck Corp San Nicholas massive sulphide discovery and may lie in the same mafic felsic volcanic sequence. Constelacion has granted Aurado the exclusive option to earn, subject to Constelacion's earn-back right below, a 49% interest in the properties by making an up front cash payment to Constelacion of US$50,000 and financing cumulative expenditures of US$3,000,000 on the properties before March 31 2001 with a commitment of US$750,000 on or before March 31 1999 and optional expenditures of an additional US$750,000 and US$1,500,000 by March 31 2000 and 2001 respectively. Constelacion will be the operator. If Aurado exercises the option, Constelacion has the right to earn back sufficient interest from Aurado so that Constelacion would hold a 75% interest. This earn-back right can be exercised by Constelacion making the next US$6,000,000 in expenditures. Whether Constelacion exercises its earn back right or not a joint venture will be formed for further expenditures on a Constelacion Aurado 75/25 or 51/49 basis. Aurado also reports that the expectation of drilling on its Setting Net Lake project within 30 days has been delayed due to the unusual climatic conditions being experienced this year in northwestern Ontario resulting in poor lake ice conditions. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
Mr Metals |
