NEWS OUT !
LATITUDE MINERALS CORP.
SUITE612, 475 HOWE STREET, VANCOUVER, BC. V6C 2B3
Tel: (604) 688-2010; Fax: (604) 688-2015; Toll-free 1 (800) 668-0071
e-mail: mineral @ mineweb.com
Trading symbol: LTU.V
Vancouver, BC, May 01, 1998: The Company has agreed, subject to regulatory approval, to acquire a 100% interest in the Blue Hill Creek
property. The property, located in Cassia County, Idaho, consists of 12 unpatented lode mineral claims. Previous work on the property has
indicated the potential to host an epithermal hot spring gold deposit.
Consideration for a 100% interest in the property is 100,000 common
shares of the Company. A finders fee of USD$5,000.00 is payable in
shares.
Additionally, the Company has agreed to a private placement of 600,000
units of the Company at C$0.48 per unit. Each unit consists of one
common share along with a two year share purchase warrant. Each share
purchase warrant is exercisable at C$0.48 in the first year and C$0.56 in the second year. A commission equal to 7.5% is payable on a
portion of the placement. Of the 600,000 units, 200,000 units may be
deemed as flow-through units. Proceeds of the placement will be used,
in part, for an exploration programme at the Blue Hill Creek property,
phase II of the South Voiseys Bay exploration project, general and administrative expenditures as well as corporate working capital.
The Company holds a 25% interest in Project 79 which is contiguous to
and south of the Donner/Northern Abitibi discovery in South Voiseys Bay, Labrador. A budget of C$1.0 million is proposed for the property
this season of which over 82% is for drilling.
On Behalf of the Board of Directors,
LATTITUDE MINERALS CORP>
"Edwin A. Bomford"
Edwin A. Bomford, Director
THE VANCOUVER STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF
THE INFORMATION CONTAINED HEREIN |
