ALL: - Past News for review (01/14/94): Reorganization; interest acquired
in Zalmac & Hinton properties
Montello Resources Ltd
MEO
Shares issued 4074076
1993-02-25 close $0.02
Friday Jan 14 1994
Mr Patrick Power reports
As part of a reorganization, the existing directors and officers of
Montello have resigned and been replaced by Patrick Power (president),
David Ian Hodge (secretary), and Jeannine Davies.
The reorganization will include the transfer of 562,500 escrow shares
from Aspblue Ltd of Geneva, Switzerland to 450332 BC Ltd (a company
controlled in equal shares by Patrick Power, David Hodge and Nick
Pedafronimos) and the settlement of approximately $175,000 of debt by
the issuance of shares. Montello has also agreed to issue 5,000,000
shares to 450332 for the rights to an option agreement with Troymin
Resources to acquire approximately 500,000 acres of potential
kimberlite bearing mineral claims near Hinton, Alberta.
Montello has raised $350,000 for the reactivation by entering into
private placement agreements with various placees for the issuance of
3,000,000 shares at $0.10 and a private placement agreement with
Troymin Resources for 250,000 shares at $0.20.
Montello was essentially inactive in the past year. Montello entered into
a major acquisition agreement in January 1990 providing for the
acquisition of beneficial ownership of 75% of Promavia SA, a Belgium
based manufacturer of trainer jet aircraft. Promavia defaulted in its
obligations under the agreement and Montello has sold its interest in
Promavia to a private company, 451306 BC Ltd, owned and controlled
by the former corporate secretary of Montello, Christina Scott, or an
associated or affiliated company for nominal consideration, but subject
to the purchaser agreeing to indemnify and save Montello harmless from
any and all claims which might arise relating to the agreement with
Promavia.
In August 1993, debentureholders converted their debentures, in full,
into 2,000,000 shares at $0.05.
Montello has acquired an interest in the Zalmac property and the Hinton
property as part of its material change.
Zalmac Property, Vernon Mining Division, BC
Montello has an option to acquire a 40% interest in 20 mineral claims
pursuant to an option agreement with Zalmac Mines, the owner of the
property, and Sentinel Resources, the holder of a similar option to
acquire a 40% interest.
Montello must pay Zalmac $50,000, issue Zalmac 140,000 shares and
incur exploration and development expenditures of $187,000 over the
next four years.
The highest values returned from Zalmac's soil survey were 233 ppb Au,
2.2 ppm Ag, 40 ppm Pb, 188 ppm Zn, and 104 ppm Cu. To date, total
exploration expenditures by Zalmac are approximately $125,000.
A phase I exploration program will be undertaken consisting of soil
sampling, prospecting, and geological mapping for an estimated cost of
$75,000. Contingent on the results of phase I, a phase II program would
be recommended estimated at $100,000. The intent of the phase II
exploration program would be to define drill targets, based on the results
of ground geophysical surveys and mechanical trenching.
Hinton Property, Alberta
Montello has an option to acquire a 50% interest in approximately
500,000 acres of metallic and industrial mineral permits pursuant to an
option with Troymin Resources.
Montello has paid Troymin $150,000 to date and must pay an additional
$150,000 by April 30 1995 and incur $1,000,000 in exploration and
development expenditures on the property in stages by October 31
1995.
(c) Copyright 1997 Canjex Publishing Ltd.
canada-stockwatch.com |
