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Gold/Mining/Energy : $0.50 and Under *** CONTEST*** (APRIL)
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To: Buckey who wrote (140)4/1/1998 6:39:00 PM
From: wayne cath  Read Replies (1) of 291
 
Roper Resources Inc -

Abbott engineering review underway

Roper Resources Inc
RRN
Shares issued 13484300
1998-02-27 close $0.1
Wednesday Mar 4 1998
Also Golden Arch Resources Ltd (GAI)
Also Silver Peak Resources Ltd (SVV)
Mr Richard Watson reports
Roper Resources and its joint venture partners have retained
Charles Lammle to undertake an engineering review of the
geological, geophysical surface and drill hole sampling on the
Abbott project. The purposes of the work underway is to
enable visualizing projections of the known zones of
mineralization as well as the extents of the surface and drill
hole sampling to date. Drill hole collar survey and down the
hole assay data is presently being compiled. 3D models of
adits and surface topography are underway. Results of the
work will be published when received by the company.
Subject to financing, the continuation of a surface underground
and exploration development program is planned for 1998.
Negotiations for financing are underway.
Though the company did not provide any monies in 1997
towards its earn in requirement on the Abbott property an
extension was negotiated and granted. The earn in requirement
was increased. The present earn in requirement is that Roper
will expend $2,000,000 to earn a 50% interest in the Abbott
property. Silver Peak Resources (70%) and Golden Arch
Resources (30%) presently own the Abbott property. Roper
Resources and the co-venture partners are related.
The company has been notified that the ASE has some
concerns about the company's ability to meet continued listing
requirements. The company has been given a deadline of
March 31 1998 to evidence certain requirements, failing
which trading in the shares of the company will be suspended.
The company has been requested to clarify the use of proceeds
of a private placement announced in Stockwatch on April 19
1996. The proceeds of the financing were initially intended
for work on the Abbott project. Due to permitting and then
weather constraints the Abbott project did not proceed as
intended in 1996. The proceeds of the financing were received
by the company in early 1997 and were used to retire existing
debt to related parties.
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