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Gold/Mining/Energy : FORMATION CAPITAL CORPORATION- $900m in Cobalt finds
FCO 9.420+0.1%Aug 6 5:00 PM EST
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To: Veritas who wrote (8)4/25/1998 12:50:00 PM
From: mineman  Read Replies (1) of 87
 
When Uranerz sells it's properties to Cameco, in August, Formation Capital can exercise it's first-right-of-refusal to aquire a further 8% in the Virgin River property, where it is rumoured Uranerz have intersected a discovery drill-hole.

This release needed to be approved by Uranerz and just gives the basic details - more will be released in about 3 or 4 weeks as drill results are received.

This thing could be a zinger!:

FORMATION CAPITAL CORPORATION ANNOUNCES UPDATE REGARDING CAMECO CORPORATION'S PURCHASE OF URANERZ EXPLORATION AND MINING LIMITED

VANCOUVER, April 23 /CNW/ - Formation Capital Corporation (FCO-TSE) wishes to update shareholders with regards to Cameco Corporation's purchase of Uranerz Exploration and Mining Ltd. and Uranerz U.S.A. Inc.

On March 19, 1998 the Company announced the acquisition of an interest in a Saskatchewan uranium exploration project by its 83% owned subsidiary, Coronation Mines Limited. A two (2%) percent interest in the Virgin River project had been acquired from the owner-operator, Uranerz Exploration and Mining Ltd. in exchange for a waiver of its remaining exploration expenditures on Coronation's Kernaghan Lake uranium exploration project.

Coronation's interest in the Virgin River project will be carried through the first $10,000,000 of exploration expenditures and in the event that Uranerz elects to dispose of any further interests in the Virgin River Project, Coronation retains a right of first refusal to purchase an additional eight (8%) interest in the project. Upon Cameco's successful purchase of Uranerz, this joint venture agreement will remain in effect.

The Company understands that Uranerz Exploration and Mining Limited has been drilling on the Virgin River project since the beginning of February 1998 and has completed 4 holes to date. Drill results will be released once they are received from Uranerz.

ON BEHALF OF THE BOARD

J. Scott Bending, President
-0- 04/23/98

For further information: Barry Girling or Bill Naylor, Investor Relations (604) 682-6229 or fax: (604) 682-6205 or Email: formcap@istar.ca or formcap.com
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