Hello goldust:
I thought you might be interested in the following press release made earlier today.
Midas.
Canadian Company Press Release
LRDR 1998-05-13 (provided courtesy of ISDN Wire Service)
INTERNATIONAL LARDER MINERALS INC. ANNOUNCES PLANS
TO ACQUIRE EXPLORERS ALLIANCE CORPORATION ARE PROCEEDING...
TORONTO, ON--
International Larder Minerals Inc. ("Larder") announces that its previously announced (January 21, 1997) letter of intent to acquire all of the outstanding shares of Explorers Alliance Corporation ("EAC")will still proceed however, some modifications to the terms of the acquisition are being negotiated due to the successful execution of a new joint venture agreement by EAC as noted below.
EAC together with its equal co-venturer Prospectors Alliance
Corporation ("PALL") announces today that they have entered into a definitive joint venture agreement with Falconbridge Limited ("Falconbridge") and Hudson Bay Exploration and Development Company Limited ("Hudson Bay") respecting an Area of Interest north of the city of Timmins, Ontario and involving the whole or parts of 9 townships, situated to the west of Kidd Township which hosts the
presently producing Falconbridge Kidd Creek Mine site.
Within the Area of Interest the joint venturers currently own or
hold under option approximately 496 claims containing 1,196 units
comprising an area of approximately 48,000 acres. As part of its contribution to the joint venture, Hudson Bay has caused the Area of Interest to be flown by the new deep penetrating SpectrEM survey technology developed to identify anomalies to depths of 1,000 feet.
Under the terms of the joint venture Hudson Bay and Falconbridge
can "earn-in" in specific target areas on these properties by the
expenditure of $1 million on each target area within a five year period. If the earn-in is completed, EAC (and PALL) will hold a 20% interest and Falconbridge and Hudson Bay 40% interests, each. Properties on which the earn-in is not completed will revert to the Kamiskotia Joint Venture between Falconbridge and EAC and PALL. After earn-in, each party must participate or dilute. EAC regards this as an excellent way for it to acquire significant interests in new exploration discoveries in this highly prospective area for VMS (base metal) deposits.
The target areas are now being selected for ground follow-up
work and diamond drill testing where warranted.
This new joint venture is an off-shoot of EAC/PALL existing
Kamiskotia Joint Venture with Falconbridge which involves an Area of Interest affecting 15 townships and covering a 30 km strike length of both the Kamiskotia and Kidd Creek volcanic belts which host the area's most important base metal deposits. PALL remains operator of the Kamiskotia Joint Venture outside the Hudson Bay SpectrEM target areas. Exploration work including further assessment of the Half Moon Lake base metal deposit in Robb Township, 3 km west of the past producing Kam Kotia Mines will commence shortly to assess the economic potential of this base metal mineralization discovered in 1995
by Falconbridge and tested by four drill holes. The best hole to
date returned 19.5 metres of 1.47% zinc, 0.19% copper and related
minor precious metal values (including 2.2 metres of 7.13% zinc and 1.55% copper) in a felsic volcanic hosted sulphide environment.
International Larder Minerals Inc. currently has 44,769,406 shares
outstanding and in addition the company has outstanding convertible
debentures valued at $2,325,363 which if converted would result
in the issuance of an additional 15,502,420 shares as at April 30, 1998.
For further information please contact:
R. Brian Murray, President:
Ph. (416) 864-0237
Fx. (416) 864-0567
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