Here is some NEWS, seems that the rats are leaving the ship.
Chandeleur Bay Production Company Ltd. Monday, June 15, 1998
Director Resignations; California Property Update
Finances; Escrow Shares Cancelled
CHANDELEUR BAY PRODUCTION COMPANY LTD. ("CYJ-V;CLBYF-L") - Director Resignations; California Property Update - Finances; Escrow Shares Cancelled
William S. McKee, President of Chandeleur Bay Production Company Ltd. reports:
Director Resignations
Mr. Wayne R. Stromme and Mr. William Root have resigned as directors of Chandeleur Bay Production Company Ltd., in order to focus 100% of their time on a new business venture. The management wishes to express sincere appreciation for their contribution to the company's progress and wishes them the utmost success in their next endeavour.
California Property Update
Exploration has been suspended until the underground drill station can be safely secured. Since sluffing of unstable rock in the proximity of the proposed drill site has to be cleaned out and timbered before diamond drilling can commence. Although a diamond drilling company has been retained, the drillers have been notified of the delay. All relevant approvals have been received.
Finances
Management is currently discussing the injection of additional funds into the company, either by equity financing or by means of a joint venture. Considerable interest in Chandeleur's California property was expressed at the recent Mining Investment Show held in New York, May 27-28. The optimistic comments about the high grade gold potential of this strategically located property in the heart of the famous Motherlode country, were in sharp contrast to the negative commentary in general about declining commodity prices and the virtual collapse of low cap resources oriented stock markets in particular.
Escrow Shares Cancelled
Management's request for the release from escrow of shares based on the Vancouver Stock Exchange performance formula has been rejected. In addition, an application for an extension of the current escrow agreement involving 750,000 shares has not been approved by the regulators. Therefore, they have been cancelled. They were formerly held by W. S. McKee - 375,000, and a former director - 375,000. The issued and outstanding shares of the company have been reduced accordingly. TEL: (604) 684-6884
William S. McKee, President FAX: (604) 685-0929
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