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Gold/Mining/Energy : RIO Amarillo Mining - Ready to go ?
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To: SirVinny who wrote (75)6/30/1998 10:44:00 PM
From: kidl  Read Replies (1) of 90
 
African property agreement
Rio Amarillo Mining Ltd RIO
Shares issued 14,488,125 Jun 30 close $0.03
Tue 30 Jun 98 News Release
Also Mandorin Goldfields Inc (MGD)
Mr. James Wright reports
Rio Amarillo has entered into a letter of intent with Mandorin Goldfields, and a private company, Picard Holdings Ltd.
Under a memorandum of understanding Mandorin has with Picard Holdings, it has agreed to consolidate their respective interests in Tafuna Hills, Zimbabwe (announced in Stockwatch February 10, 1998). These interests are to be sold to Rio in return for equity.
It is also envisaged that Rio will undertake a capital restructuring, change its name, gain new management and be refinanced. These changes will refocus Rio as an explorer in Africa. It will be headed up by Mr. Jon Swire-Thompson, a respected ex-Zimbabwean businessman. The initial exploration activities of Rio will be in the Archean greenstone belts of Zimbabwe. The target commodities will range from base metals to gold and silver. Emphasis will be given to volcanogenic massive sulphide type copper-zinc deposits that have gold and silver content. The current package of Zimbabwean properties holds great potential and will allow Rio Amarillo to assess other opportunities in Africa as they arise. Upon the successful completion of this transaction, Rio will pay a finder's fee to Durham Capital.
c Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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