This was an eventful week for LAB. Three official Press Releases, a Release by Pallaum associated with LAB, and a Release by Allen Nelson & Co., the apparent name of the "concerned stakeholder" group, deceptively placed under the name of Labrador in the Stockhouse listings. In addition there was mention of LAB in the first of two Stockhouse Insider Reports that seemed to suggest a link between the company and activities related to the the general share price erosion for most (if not all) SVB issues. The texts related to all of these developments can be found below in chronological order, for easy reference.
Considering these texts in terms of both factual content and speculative possibility might reveal a bit about the future of both LAB and the SVB project in general. The following is food for thought:
The value of the company is mainly located in its SVB land holdings, so the "concerend stakeholder" group is interested in LAB's land holdings in SVB. Why are LAB's land holdings suddenly of such great interest and worth fighting for?
The "concerend stakeholder" group has not clearly identified itself.
It is apparent that Pallaum wants to disassociate itself from the intentions of this "concerned stakeholder" group.
It is also apparent that the "concerned stakeholder" group is attempting to circumvent a transparent process of gaining influence over LAB activities. Their methods suggest a degree of surreptitiousness.
The Press Release from the Allen Nelson Co. of July 8th proclaims in it's title that the Labrador Nickel Syndicate (LAB, PLM, and GBR) had met with both Donner and the "concerned stakeholder" group. LAB was not invited to that meeting and therefore the header of the release is misleading.
The shareholders of LAB have not sanctioned or authorized the "concerned stakeholder" group to negotiate anything with Donner, so why do they feel they have a right to do so. This is a public company not a pirate ship! The shareholders of LAB do not even know whether the "concerned stakeholders" even own shares of LAB.
Here is a review of the LAB week of July 6 - July 10. Some or all of this is already on the thread but I have compiled it here because it allows for a nice flow from which the issue can be digested and pondered. What appears to be obvious here?:
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Labrador International Mining Limited
Monday, July 06, 1998
Incentive Stock Options
The Vancouver Stock Exchange has accepted for filing, Incentive Stock Options from the following Company:
Labrador Intl. Mining Ltd.
Options: 770,000
Exercise Price: $0.24
Date Granted: 98/06/17
Expiry Date: 00/06/17
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Labrador International Mining Limited
Wednesday, July 08, 1998
Data From LNS Adlatok 2 Property
LABRADOR INTERNATIONAL MINING LTD ("LAB-V; LBDRF-L")
Labrador International Mining Ltd., on behalf of Labrador Nickel Syndicate (LNS), is pleased to release a significant re-interpretation of data from the LNS Adlatok 2 property, located in South Voisey's Bay, Labrador.
LNS consulting geologist Roy Wares P.Eng., while assessing the progress of South Voisey's Bay LNS Phase 1 geological and geophysical program contracted to Donner Minerals Ltd., made a detailed re-examination of core obtained in 1996 (Hole LNS 96-06). This was undertaken in conjunction with geologists of Teck Exploration, contractors to Donner Minerals Ltd. The conclusion was reached that there are two gabbro sills on the Adlatok River 2 property, based on geological insights and core examination. The second gabbro sill is comparable to the lower gabbro sill found elsewhere in the South Voisey's Bay area. Thickness of the gabbro sill may be over 200m; the basal zone has not been seen or tested in any drilling.
Results and interpretations of the ongoing geophysical program on the LNS Adlatok properties will be released as available.
Management of Labrador International Mining Ltd. takes vigorous exception to information being circulated by the "Concerned Stakeholders of Labrador International Mining Ltd.," and will be circulating an official rebuttal to the aforementioned circular and proposed alternate slate of directors.
Eugene Larabie
Director
TEL: (604) 681-7659
FAX: (604) 681-2161
TOLL FREE: 1-800-811-2322
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StockHouse - Insider Report - July 8, 1998
By The Insider Group
Daily Bulletin - Voisey's Bay Plot Uncovered
Voisey's Bay, "Insider Group starts digging"
WHAT'S GOING ON?
Have you been holding Donner [DML.V], Pallaum [PLM.C], Labrador [LAB.V] and other South Voisey's Bay stocks only to see them deteriorate significantly over the last 6 months, against all the hype which said this would be the hottest play this summer? You will be very interested to hear why this play has 'seemingly' stalled and who is involved.
The Insider Report and its worldwide network believe they have uncovered a plot which has been affecting the stock price of the major and minor participants in South Voiseys Bay. This story will soon begin to unfold: While we cannot release information immediately as our investigation is still early, you will want to watch this column closely for detailed coverage and speculative conspiracy theories in the days to come.
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Labrador International Mining Limited
Wednesday, July 08, 1998
Labrador Nickel Syndicate Members and Donner Minerals Met With the Concerned Stakeholder Group of Labrador International
Labrador International Mining Ltd ("LAB-V") Donner Minerals Ltd ("DML-V; DNNMF-L") Pallaum Minerals Ltd ("PLLMF-L;PLM-Y") Globenet Resources Inc ("GBNRF-L;GBR-V")
At the invitation of The Concerned Stakeholder Group of Labrador International Mining Ltd. representatives of the Labrador Nickel Syndicate and Donner Minerals Ltd. met to discuss future operations and funding of work programs for the South Voisey's Bay properties which are located in the midst of and adjoining the Teck/Donner South Voisey's Bay project area.
Labrador International Mining Ltd. is the Operator and a 50 percent participant in the Labrador Nickel Syndicate. Other members of the syndicate, each hold a 25 percent participation are Pallaum Minerals Ltd. and GlobeNet Resources Inc.. Donner Minerals is field contractor for the Labrador Nickel Syndicate for the 1998 work season.
The Concerned Stakeholder Group believes the current Directors and Management of Labrador International Mining have been unable or are unwilling to successfully realize the potential of key claims the Company holds in the South Voisey's Bay area of Labrador, where multi-million dollar programs are currently being carried out by adjoining claim holders.
The Concerned Stakeholder Group is proposing an alternate slate of five nominees for election to the Board of Directors at Labrador International Mining's Annual General Meeting of Shareholders scheduled to be held at 10:00 a.m. on Thursday July 23, 1998 in Vancouver, Canada.
Allen Nelson
Allen Nelson & Co.
TEL: (206) 938-5783
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StockHouse - Insider Report - July 9, 1998
By The Insider Group
Voisey's Bay: 'Tis a good kind of Plot
The INSIDER REPORT received hundreds of e-mail's from frantic investors of S. Voisey's Bay companies after our lead-in report in Wednesday's Daily Bulletin. Many were concerned that there is some 'wicked' or 'illegal' plot in South Voisey's which would see their shares devalued.
WE WANT TO CLARIFY RIGHT NOW THAT THE INFORMATION WE UNCOVERED IS VERY BULLISH FOR S. VOISEY SHAREHOLDERS AND NOT A NEGATIVE PLOT. The jist of our writing yesterday, however, was that there IS a REASON why S. Voisey's stocks have not done well to date.
In actuality, the information we believe we have uncovered IS the reason why Voisey's Bay stocks have done poorly in the PAST and why they may do very well in the FUTURE.
As we stated yesterday, we have to be very careful with the information we divulge as it could possibly affect the many market movements that are currently in orchestration. However, in the coming days/weeks we will be divulging very interesting information that we have uncovered which should help the investing community to understand why the program in S. Voisey's has been stalled/delayed/dissapointing to date and why it may be very close to a rebirth.
The exploration program in S. Voisey's is the largest in Canada and is very lucrative and dynamic. This is exactly the reason why certain players have been working to ensure that they are fully positioned before the fireworks begin. Stay tuned for this exclusive story by the INSIDER REPORT.
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Labrador International Mining Limited
Friday, July 10, 1998
re: Labrador Nickel Syndicate Members and Donner Minerals Met With the Concerned Stakeholder Group Representative
Pallaum Minerals Ltd ("PLM-Y; PLLMF-L") LABRADOR INTERNATIONAL MINING LTD ("LAB-V") DONNER MINERALS LTD ("DML-V;DNNMF-L")
Stanley R. Ford, P.Eng., MBA, President & CEO of Pallaum Minerals Ltd. announces that Pallaum Minerals met with David Laudrum, a representative of the Concerned Stakeholders Group of Labrador International Mining Ltd., on July 8, 1998 in the boardroom of Donner Minerals Ltd.
Pallaum Minerals Ltd. has no direct interest in the current proxy campaign for control of Labrador International Mining Ltd. and takes exception at the reported agenda and the items discussed at the meeting as outlined in a press release issued on July 8, 1998.
Pallaum's sole interest is to maintain a positive working environment with our joint venture partners and contractors on our South Voisey Bay properties.
The Labrador Nickel Syndicate has contracted Donner/Teck to carryout a two phase $1.0 million exploration program in order to realize the potential of our two key properties in the South Voisey Bay region.
Pallaum was advised that the Adlatok River 2 South Voisey Bay work program is progressing well and results will be released as they are made available.
Stanley R. Ford, P.Eng., MBA
CEO & President
Mark A.H. Crowther
Corporate Development
TOLL FREE: 1-800-895-2211
TEL: (604) 687-5257
FAX: (604) 687-0384
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Labrador International Mining Limited
Friday, July 10, 1998
Labrador Clarifies Misinformation Re: LNS Properties
Labrador International Mining Ltd. ("LAB-V; LBDRF-L") Pallaum Minerals Ltd. ("PLM-Y; PLLMF-L") Globenet Resources Inc. ("GBR-V; GBNRF-L") Donner Minerals Ltd ("DML-V; DNNMF-Ll")
Jerry Bradley, Vice-President, Finance and Eugene Larabie, Director of Labrador International Mining Ltd. (the "Company" or "Labrador") would like to clarify a mis-information being disseminated to the investment community regarding the status of operations on the Labrador Nickel Syndicate (LNS) properties in South Voisey's Bay, Newfoundland.
The LNS is comprised of Labrador International Mining Ltd. (50%), Pallaum Minerals Ltd. (25%), and GlobeNet Resources In. (25%), with Labrador International Mining Ltd. being the operator on the properties, as per a joint venture agreement between the parties signed April 9, 1998.
Labrador, as operator on the LNS properties, entered into a contract with Donner Minerals Ltd. dated May 18, 1998 for a 2 phase exploration program. Phase 1 is a geological and geophysical program, and Phase 2 is a diamond drill program if justified by the results of Phase 1. Total budget for the 2 phase program is approximately $1,000,000, being $600,000 for Phase 1 and $400,000 for Phase 2. Labrador, as 50% partner is liable for 50% of this program. Labrador wishes to confirm that cash calls of $280,000 have been received as of July 9, 1998 and have been paid in full.
It has been reported that the LNS and Donner Minerals Ltd. met with individuals calling themselves the "The Concerned Stakeholders Group" on July 8, 1998 to discuss future operations on the Adlatok River properties in South Voisey's Bay, Labrador. News of this meeting comes as a surprise to the management of Labrador International Mining Ltd., in that Labrador, operator on the LNS South Voisey's properties, was not invited to attend. Furthermore, it is of great concern to Labrador, operator of the LNS, that Donner Minerals Ltd., contractor to the LNS, would undertake to meet with agroup ("The Concerned Stakeholders") without legal standing in the affairs of the LNS, to discuss LNS operations. If the "Concerned Stakeholders" are truly interested in the status of the LNS properties, then Labrador believes that the appropriate route would be to address those concerns to Labrador directly, as operator of the LNS. To date they have not done so.
Labrador International Mining Ltd. is seriously concerned by the attendance of the contractor, Donner Minerals Ltd. at a meeting of the affairs of the LNS, without the consent and attendance of the LNS operator, Labrador International Mining Ltd. This raises serious confidentiality and disclosure issues, and Labrador International Mining Ltd. is reviewing all appropriate legal ramifications arising from this unfortunate development.
Labrador International Mining Ltd. is pleased to reaffirm the importance of the information released July 8, 1998. The detection of a second gabbro sill on the Adlatok River 2 property is of great significance to the Labrador Nickel Syndicate. This indicates that the LNS Adlatok River 2 property is potentially central to the exploration efforts currently underway in South Voisey's Bay, and validates current management's approach to the ongoing exploration of the LNS properties.
Jerry Bradley
Vice-President
Finance
Eugene Larabie
Director
TEL: (604) 681-7659
FAX: (604) 681-2161
TOLL FREE: 1-800-811-2322 |
