**********NEWS RELEASE************
News Release - For immediate distribution
Date: june 2, 1998
NORA ANNOUNCES THE JOINT VENTURE ACQUISITION OF TWO (2) OFF-SHORE CONCESSIONS IN NAMIBIA TOTALING 190,500 HECTARES
Nora Exploration Inc. (NXI - ME), is pleased to announce the joint venture acquisition of two (2) additional off-shore concessions in Namibia, totaling 190,500 hectares (1,905 sq. km.)
Known respectively as "Block J" (100,000 hectares/1,000 sq. km.) and "Block N" (90,500 hectares/905 sq. km.) the concessions are located off the western shores of Namibia between the 100m and 200m isobath, both concessions are bordered to the south by the Namibian Minerals Corporation's concession (Namco) and to the north by Ocean Diamond Mining's concession (ODM).
For a total consideration of 300,000 common shares (150,000 per concession) Nora obtained an option to acquire a 50% interest in both concessions and has since exercised that option, creating joint venture partnerships with Woduna Mining Holding (Pty) Ltd. (Block J) and Karas Mineral Holdings (Pty) Ltd. (Block N), both of which have Exclusive Prospecting Licenses (EPL's) for diamonds in the Mercury-Conception Bay area granted by the government of Namibia.
TERMS AND CONDITIONS
In consideration for the participation and the formation of the joint venture agreements, NORA :
-has earned the sole and exclusive right to a fifty percent (50%) undivided beneficial interest in the joint ventures,
-shall incur the exploration expenditures on the EPL's,
-shall have the exclusive right to manage and operate the exploration programs for a fee of fifteen percent (15%)
Plans to develop the concessions are underway and scheduled to commence in the fall of 1998, starting with a detailed geophysical survey of the properties at a cost of approximately USD$400,000.
NORA is confident that the geophysical survey will reveal that the sedimentary base is similar to the surrounding concessions held by Namco and ODM.
Nora Exploration Inc., is a Canadian based exploration and mining company, actively involved in the acquisition, exploration and development of first rate diamond properties in Africa. The Corporation's rapid and dynamic growth will place it among the significant players in the world marine diamond business. Its shares are traded on the Montreal Stock Exchange under the symbol NXI-ME.
The transactions are subject to approval from all regulatory authorities.
FOR MORE INFORMATION, CONTACT :
Pierre L‚veill‚
President
John Stella
Investor Relations
Tel: (514) 846-2133
Toll-free: 1-888-666-3431
E-Mail: info@nora.com
Web-site: www.nora.com |
