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Gold/Mining/Energy : ATNA ( v.atn t.atn)
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To: Blake who wrote (258)5/29/1998 7:42:00 PM
From: Blake  Read Replies (1) of 509
 
Either way, at least somebody wants the Wolverine deposit!

Cheers,
Blake

Atna Resources Ltd -

Wolverine negotiations

Atna Resources Ltd
ATN
Shares issued 20203788
1998-05-28 close $1
Friday May 29 1998
Also Expatriate Resources Ltd (EXR)
Also Boliden Ltd (BOL)
Mr. Peter LeLancey reports
In response to shareholders' requests, Atna Resources would like to expand on its
press release of May 27, 1998 (Stockwatch May 28) concerning the intention of
Boliden Westmin Limited to sell its 60 per cent interest in the Wolverine deposit to
Expatriate Resources. Atna, with a 40 per cent interest in the Wolverine deposit,
has been negotiating in good faith with its joint venture partner Boliden for the
purchase of Boliden's 60 per cent interest. These negotiations commenced in
March 1998, and Atna believed progress was being made toward the purchase,
which would give Atna 100 per cent interest in the Wolverine deposit.
The Wolverine joint venture agreement has a comprehensive right of first refusal
section which addresses the responsibilities of a partner should it receive an offer
from a third party (Expatriate). One exception to this right of first refusal clause in
the Wolverine joint venture agreement is disposition to an "associated company,"
defined as one where the ownership is 30 per cent or greater. Boliden owns 18
per cent of Expatriate shares and hence Expatriate is not an associated company
of Boliden. Atna believes any attempt by Boliden to now increase its interest in
Expatriate to 30 per cent or greater would be a flagrant attempt to circumvent the
right of first refusal and would be vigorously opposed by Atna.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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