Biometric gets cash!!
Biometric (nee Sonoma), will make a little money on this following announcement. The deal is structured so that they get $150,000 initially and both shares of Inlet and cash to toatl around 2 million if everything goes like it is supposed to. I am surprised the company has not made an announcement on this as it is material in my opinion. They get an injection of cash for property they would not have used anyway----pretty good deal under the circumstances. Press release follows.
Inlet Resources Options Property Near Argentina Gold
Inlet Resources Ltd INS
Shares issued 10,576,660 Dec 8 close $0.28
Wed 9 Dec 98
Inlet Resources Ltd. has reached a preliminary agreement on an option to
acquire up to 100% of five gold exploration properties in Argentina from
Sonoma Resources Corporation. The main project is the Cerro Toro, located
in the El Indio geologic belt, 20 kilometres northeast of the Veladero
property currently being explored by Argentina Gold/Barrick and the Pascua
property currently being developed by Barrick which contains in excess of
11 million ounces of gold. Other exploration developments that are located
to the west and southwest of Cerro Toro are Taguas/Lama (Comsur/RTZ),
Amarillos and Jaguelito (Penoles), and Sancarron and Rio Frio (Western
Mining/Argentina Gold).
Interest in Argentina Gold's Veladero property has increased greatly since
Barrick Gold advised Argentina Gold of its intention to make a hostile bid
of $4.00 a share for the company. In negotiations, Barrick stated that it
was willing to offer $5.50 per share. Newmont Mining took down a private
placement of $5,000,000 in Argentina Gold in October. The endorsement of
the Veladero area by two of the largest gold mining companies in the world
points to the potential for large gold deposits.
Additional properties in the package are found in Santa Cruz province near
the Cerro Vanguardia (Anglo) and Yamana discoveries, and in Chubut, San
Luis and Cordoba provinces.
Property map and information package available
CALL
Bill Daly/Walter Clemens (604) 669-0115
Jamie Macintosh (416) 862-7444
Kholberg Capital (902) 835 8974
FAX REQUESTS TO
(604) 669-5572 or (902) 835-8392 |
