Dan, Patricia, thanks for your information and commentary.
Patricia, here are some highlights from the Management discussion,
which came with the last Quarterly Report, dated Sept. 26, 1996:
--2500 line-km of airborne geophysical surveys on Company's
nickel and copper targets completed in upper MI peninsula.
--agreement w/ Haywood Securities, Inc., acting as agent, for
a private placement of up to 2 mill. Special Warrants at C$1/
SW. Each SW entitles holder to one commoon share and 1/2 common
share purchase warrant exerciseable at C$1.25 for a period of 2 yrs.
Proceeds will be used for drilling and surface expl. on the
nickel and copper properties in MI & for working capital.
--The Copper Range Co. and BTT have signed a mineral property
purchase agreement confirming the purchase by BTT of mineral
rights covering approx. 100 sq. miles in Keweenaw pen. in MI.
After VSE approval, BTT will issue 200,000 common shares and
grant a 1% NSR on properties to Copper Range. Copper Range will
retain the right to earn a 51% interest and operate any of
BTT's proposed mining operations on the langds by delivering
a bankable feasability study and funding its share of project costs.
In 1996, BTT commenced geophysical, geochemical and geological
surveys in the area. Further surface work is planned in 1997
to bring the copper targets to the drilling stage.
---Land acquisition and permitting are continuing on BTT's
nickel targets. Pending completion of these activities, a
min. 10,000-foot drilling program is planned to commence in
December.
--The Co. has also renegotiated the terms of its lease on
the WIlliams garnet property. The new terms reduce the
outstanding balance of 1996 payments to US$2,500 and 10,000
shares, with subsequent annual payments of US$10,000 per year
until a production decision is made, at which time the previous
payment schedule will apply.
-----
That's about all the typing I'm up for at the moment. Hope
there aren't too many typos. Here is the contact info. for an
investor's packet:
Michael S. Carr, Pres., 1080 Gordon Ave., West Vancouver, B.C.,
Canada V7T 1P6; Tel. 604/922-1351. |
