Erik, thanks for e-mailing the Release. I am posting
it here for anyone who might be interested.
Marc
Bitterroot Resources Ltd - News Release
Year end financial results
Bitterroot Resources Ltd BTT
Shares issued 10,079,080 Jan 16 close $1.60
Fri 17 Jan 97 News Release
Mr Michael Carr reports
During the past year, Bitterroot Resources acquired a portfolio of minerals
rights in Michigan's Upper Peninsula and invested $337,000 in nickel and
copper exploration in the region.
Exploration of the company's nickel targets has identified coincident
magnetic, gravity and electromagnetic anomalies which are prospective for
nickel/copper massive sulphide deposits associated with mafic intrusions.
Land acquisition activities commenced in January 1996 and are expected to
be completed in the first quarter of 1997. The company plans to spend a
minimum of $500,000 and up to $1,000,000 on the first phase of drilling on
these targets in 1997. Initial drilling results are now expected in April
1997.
On December 18 1996 the Copper Range Co completed the sale to Bitterroot of
minerals rights covering 115 square miles in the Keweenaw peninsula.
Exploration of these lands in 1996 consisted of airborne geophysical
surveys, prospecting and regional geochemical surveys over 25% of the
lands. The 1997 program will consist of further surface exploration with
the goal of drilling selected copper targets in the fall of 1997.
Bitterroot has issued to Copper Range 200,000 shares which will be subject
to a VSE-imposed hold period expiring December 6 1997. Copper Range will
also retain a 1% net smelter return royalty and also has the right to
acquire a 51% interest in proposed minerals developments on the lands by
producing a feasibility study and financing its pro-rata share of
subsequent expenditures. A finder's fee of 20,000 shares with a hold period
expiring December 6 1997 was paid in connection with this transaction.
The lease agreement on the Williams alluvial garnet property was
renegotiated and subsequently received VSE approval on December 4 1996.
Bitterroot has issued 20,000 free trading shares and paid US$5,000 to the
lessor in settlement of amounts owing at February 28 1996 and will pay
US$10,000 annually to maintain the lease. No additional expenditures are
planned in 1997 other than those required to maintain the property in good
standing. As of October 31 1996, the company has written off its investment
in the project.
On January 8 1997, the company filed a preliminary exchange offering
prospectus to qualify 2,100,000 shares and 1,050,000 warrants for
distribution upon the exercise of 2,100,000 special warrants. Bitterroot's
working capital position at October 31 1996 was $1,823,1247. An additional
$261,667 was raised in November through the exercise of warrants and
options.
STATEMENT OF EARNINGS
Year ended October 31
1996 1995
Revenue
Interest
income $ 4,722 $ 1,494
----------- -----------
Expenses
Depreciation 2,031 154
Exploration
costs - 5,755
Foreign exchange
loss (gain) 1,899 (1,291)
Interest and
bank charges 629 2,570
Management fees 48,000 48,000
Office, printing
and travel 29,649 21,981
Professional
fees 46,300 34,331
Regulatory fees 4,786 2,966
Transfer agent
fees 6,592 4,255
----------- -----------
139,886 118,721
----------- -----------
Earnings (loss)
before the
undernoted (135,164) (117,227)
Writeoff of
resource
property (1,072,626) (36,305)
Writeoff of
deposit - (13,500)
----------- -----------
Net earnings
(loss) $(1,207,790) $ (167,032)
=========== ===========
Earnings (loss)
per share $ (0.13) $ (0.03)
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
---------------------------------------------------------------------- |
