NEWS RELEASE June 12th, 1998
Property Asset Disposition
The Vancouver Stock Exchange has accepted for filing an Agreement dated May 7, 1998, whereby Santoy Resources Ltd. ('Santoy') can acquire from the optionor, Minera Gavilan S.A. De C.V. ('Gavilan'), a wholly-owned subsidiary of Almaden Resources Corp., a 51% interest in the Yago project properties (the 'Properties') located in Nayarit, Mexico.
In order to exercise the option, Santoy has agreed to pay US$40,000 to Gavilan, assume all future cash commitments due to the three separate landowners of the Properties, and issue 100,000 shares (ASE Listed) to Gavilan on the date on which the Alberta Stock Exchange accepts the Agreement.
In addition, Santoy will incur a work expenditure on the Property of $300,000 on or before October 1, 1998, and upon completion of this $300,000 expenditure commitment, Santoy will issue a further 100,000 shares to Gavilan (subject to ASE approval).
Santoy has also agreed to spend an additional $2,000,000 in order to earn its 51% interest and issue a further 200,000 shares of Santoy once the property reaches production.
View web site: http:www.almadenresources.com
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