Mexican interests acquired by staking
Minvita Enterprises Ltd MVE
Shares issued 5,714,827 Aug 6 close $0.21
Mon 10 Aug 98 News Release
See Teuton Resources Corporation (TUO) News Release
Mr. Dino Cremonse reports
Teuton and Minvita have jointly acquired, by staking, interests in 25
properties encompassing approximately 2.1 million acres centred around the
Western Copper-Teck San Nicolas polymetallic discovery in Zacatecas State,
Mexico. This region, generally known as the Faja de Plata or silver belt,
is currently one of the most active exploration venues in North America.
Four of the 25 properties, La Victoria, Diana, El Real and La Esmeralda,
have been farmed out, respectively, to Thunderbird Projects, Consolidated
Sarabat Gold, Augusta Gold and International Comstock Exploration. Under
each of the agreements, the optionees may earn a 50 per cent interest in
their respective properties by making certain cash and share option
payments and carrying out certain work commitments. The Vancouver Stock
Exchange has approved all of the agreements and all have been formalized.
For each agreement the initial work commitment is firm and any unspent
portion of such initial commitment at the end of the allotted time period
will be a debt due and owing to Teuton and Minvita. Details are:
Property Optionee Initial Work
Commitment
La Victoria TBX $300,000
Diana CSB $300,000
El Real AG $200,000
La Esmeralda ITC $300,000
Expiry Date Total
Initial Work Requisite
Work
Commitment
La Victoria Sept. 1, 1998 $1,500,000
Diana Sept. 5, 1998 $1,500,000
El Real Dec. 9. 1998 $1,000,000
La Esmeralda July 8, 1999 $2,500,000
Thunderbird Ventures has informed Teuton-Minvita that geophysical surveys
are continuing on the La Victoria property. A report by the operator,
Quantec Geophysics, is expected shortly. Work on the Diana, El Real and La
Esmeralda properties is expected to commence in the near future.
Shares received as option payments have the following hold periods:
TBX-June 4, 1998; CSB-Feb. 9, 1999; AG-Feb. 23, 1999, and ITC-July 8, 1999.
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