TNR Resources Ltd -
Option agreement with Orko Gold closed
TNR Resources Ltd TRRShares issued 3,914,7881998-12-04 close $0.23Monday Dec 7 1998Mr. John Fraser of Orko Gold reports Orko Gold has closed its option agreement dated Oct. 28, 1998 with TNR Resources pursuant to which it has been granted the option to purchase an undivided 60 per cent interest in the La Ortiga, Valle del Cura and El Fierro mineral properties in San Juan province, Argentina. These properties are between 7km to 35km east of the Argentina Gold and Barrick Gold Veladero gold discovery and lie on terrain that is geologically similar. The agreement was accepted for filing by the Vancouver Stock Exchange on Nov. 25, 1998. The exchange also accepted for filing the company's consulting agreement with Mr. Shafiq Nazerali-Walji and the granting of options to purchase a total of 125,000 common shares at $1.03 until Nov. 5, 2004. Orko has paid the balance of the initial cash payment of $40,000 (U.S.) (of which $20,000 (U.S.) was previously paid) and has issued TNR 100,000 common shares. The shares have a one-year hold period expiring on Dec. 1, 1999. The company must also make an investment of $97,000 in TNR by way of a private placement and spend not less than $300,000 (U.S.) on exploration of the subject properties in the first year. Phase I exploration activities estimated to cost $150,000 (U.S.) are currently under way on the 54 sq km La Ortiga property, which is at the eastern edge of the prolific El Indio gold-silver belt and is closest to the Veladero discoveries. This work, consisting of prospecting and alteration mapping and extensive BLEG and lithogeochemical sampling, is reconnaissance in nature and designed to quickly identify and prioritize areas of interest for further investigation. Phase II exploration will comprise additional sampling and/or geophysical surveying to be followed, if warranted, by drilling. Phase I will continue until the third week of December and phase II is expected to commence about Jan. 10, 1999. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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