Cox property joint ventured
New Claymore Resources Ltd NCS
Shares issued 4,165,775 Nov 19 close $0.69
Fri 20 Nov 98 News Release
See New Blue Ribbon Resources Ltd (NBL) News Release
Mr. Larry Kryska reports
New Blue Ribbon has amended its agreement with New Claymore Resources on
the Erda prospect to include in the agreement an option to New Claymore to
earn a 50 per cent interest in the 23,000 acre Cox property.
To earn this interest, New Claymore has paid the company $25,000 and must
expend $225,000 in exploration on the Cox property, $75,000 of which must
be spent by March 31, 1999. This program will include ground geophysics and
diamond drilling. New Claymore will act as operator and has advised New
Blue Ribbon that the field program will commence next week.
As additional consideration for its right to acquire a 50 per cent interest
in the Cox property, New Claymore will amend and release the company from
having to pay an additional $25,000 and issue 75,000 shares, as well as
perform $225,000 worth of exploration work on the Erda property
representing some 60,000 shares in the Erda prospect. As a result, the
company will have earned its 50 per cent interest in this property without
any further expenditure. The Erda and Cox properties are contiguous and are
west of Slave Lake, Alberta.
In Stockwatch Nov. 5, 1998, New Blue Ribbon announced a private placement
to raise $200,000 for exploration of its diamond properties in Alberta and
for general working capital. The company has received a greater interest in
its recent private placement at 22 cents per unit and has commitments from
investors to raise up to a total of $250,000 from $200,000 as previously
announced. The remaining terms are as previously announced.
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