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Gold/Mining/Energy : Southern Metals - SUH.V (formerly Aranlee Res. - ARB.V)
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To: Rick McDougall who wrote (246)6/8/1998 10:00:00 PM
From: Abner Hosmer  Read Replies (1) of 254
 
Hey Rick, it lives. What'll you bet they pull up some good holes on this one?

Aranlee Resources Ltd -

Rio Tinto commences El Acay drilling

Aranlee Resources Ltd
ARB
Shares issued 18600000
1998-06-05 close $0.06
Monday Jun 8 1998
Mr. Stephen Kay reports
Rio Tinto Mining and Exploration has commenced drilling at Aranlee's 100 per cent held El
Acay gold-copper-molybdenum property in Salta Province, Northwestern Argentina. An
initial program of seven reverse circulation drill holes totalling approximately 2,000 metres will
test an area of strong hydrothermal alteration covering approximately 2km by 2km containing
multiple anomalous gold-copper-molybdenum rock and soil values generated by Aranlee's
1996 and 1997 exploration programs. This area of strong hydrothermal alteration forms part of
a much larger altered zone covering about 7km x 4km within intrusives and sediments.
Drilling is expected to be completed in about one month and results will be announced by
Aranlee when received from Rio Tinto.
Under the terms of the formal agreement signed in December 1997, Rio Tinto can earn a 100
per cent interest in the property by (a) assuming all remaining option payments to the
underlying property owner (totalling $830,000 (U.S.) over four years); (b) spending $2-million
(U.S.) in work expenditures over a five year period, including a guaranteed $100,000 (U.S.) in
the first year; (c) completing a bankable feasibility study within five years; and (d) at Rio
Tinto's election, either paying to the underlying property owner a 0.9 per cent nsr royalty
upon commencement of production or buying out the royalty for $1.0-million (U.S.) within
180 days of completion of a bankable feasibility study. Once Rio Tinto acquires a 100 per
cent interest, Aranlee has the right to buy back up to a 40 per cent interest in the combined
property within six months of the completion of a bankable feasibility study by paying to Rio
Tinto 1.75 times the expenditures incurred by Rio Tinto up to that date (prorated for the
percentage interest sought) up to a maximum of 40 per cent. If Aranlee elects not to exercise
its buy-back right then it will receive a 3 per cent nsr royalty.
Aranlee has a total of nine precious and base metal properties in Northwestern Argentina. In
addition to the El Acay joint venture, Aranlee's 100 per cent held Rumi Cori property is
subject to a joint venture letter agreement with High American Gold (see Stockwatch April 3,
1998). The company is also negotiating joint ventures for an additional two of its properties
in Argentina. Aranlee is also active in the South Voisey's Bay area of Labrador through its 25
per cent joint venture interest with NDT Ventures (25 per cent interest) and Donner
Resources (50 per cent interest).
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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