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Gold/Mining/Energy : Highwood Res. Ltd (T.HWD, HIWDF)
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To: Gerry who wrote (65)12/22/1998 5:49:00 PM
From: kidl  Read Replies (1) of 147
 
Canada Talc to be acquired

Highwood Resources Ltd HWD
Shares issued 20,025,748 Dec 21 close $0.64
Tue 22 Dec 98 News Release
Mr. Garry Lynkowski reports
Highwood Resources has entered into an agreement to purchase 100 per cent
of the shares of Canada Talc Limited. Under the terms of this transaction,
Highwood will pay a combination of $400,000 cash and 1,785,714 in shares of
Highwood. The transaction will be effective Jan. 1, 1999 and is subject to
regulatory approval.
Canada Talc is recognized as one of Canada's oldest industrial mineral
companies having operated continuously since 1881. During this period, the
company has mined and processed a variety of talc mineral products that
have been distributed throughout North America. Canada Talc's mining and
processing operations are near Madoc, Ontario. A recent review of the
geological potential indicates a reserve base capable of sustaining
continued operations for approximately the next 50 years.
Highwood Resources became a well-recognized producer and marketer of
industrial minerals in North America when it merged with Mountain Minerals
in 1996. Subsequently, the efforts of the company have been directed
towards continued growth in the production of traditional industrial
minerals. The company's most recent development activity has been focused
on the development of the world class Thor Lake beryllium deposit in the
Northwest Territories. The original project development application was
submitted in July of 1997 and most recently the project environmental
assessment report has been submitted and is currently under the review of
the various government agencies. Meanwhile, the company is continuing
community consultation with the special interest groups most closely
associated with the project. It is anticipated that the application for the
water licence will be submitted to the Northwest Territories Water Board
early in 1999.
The acquisition of Canada Talc will dramatically increase Highwood's
industrial mineral business. Additionally, the proximity of Canada Talc's
existing operations to ocean shipping routes will enhance the future import
and export of a variety of industrial minerals, thus allowing the company
to continue its growth in the "high value-added" micronized fillers market
place.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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