PROPERTY AGREEMENT AMENDED >>>>
so now they have a new property agreement, cash in the bank, proven gold reserves, infrastructure in place, attractive number of shares outstanding, respective and proven management, and a drilling program to commence next month ... so to the SI member who "thought" that this company was near bankruptcy, its still not too late for you to get in !!! READ ON for the press release ...
EMGOLD MINING CORPORATION
1610 - 777 Dunsmuir Street, P.O. 10435
Vancouver, BC V7Y 1K4
Tel: (604) 687-4622 Fax: (604) 687-4212
January 26, 1999
Ticker Symbol: EMR-vse
Standard & Poors
NEWS RELEASE
PROPERTY AGREEMENT AMENDED
Mr. Frank A. Lang, President of the Company and its 100% owned subsidiary, Emperor Gold (U.S.) Corp., wishes to announce an amendment, subject to regulatory approval, to the Lease and Option to Purchase Agreement for an 80-acre land parcel adjacent to the Company's 3,460 foot vertical New Brunswick shaft. The land parcel will be required to de-water and conduct underground diamond core drilling of the Company's 100% owned Idaho-Maryland Mine Property located in Grass Valley California and is expected to host the mill and tailings complex in the event the property is put into production.
The Company has paid US$600,000 of the original US$2,000,000 option price. The amendment extends the payment date for the final US$1,400,000 option payment to December 10, 1999. As compensation for the amendment, the vendor is to receive one million common shares of the Company. In the event the Company's average share price for 30 consecutive days anytime between the date of the amendment and December 10, 1999 is greater than or equal to US$3.00 per share, the Company will obtain immediate title to the property with no further compensation payable. The amendment also cancels the US$28,000 quarterly interest payments payable by the Company past June 10, 1998. The vendor holds the option to extend the terms of the amendment for one additional year to December 10, 2000.
The Idaho-Maryland Mine produced approximately 2.4 million ounces of gold up to 1956 when it was closed due to the price of gold being fixed at US$35 per ounce and escalating costs. Independent engineering reports indicate the potential for an inferred gold resource of up to 3 million ounces at a grade of 0.326 ounces per ton remaining in the mine.
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“Sean A. Tetzlaff,”
Chief Financial Officer
For further information, please contact:
Andrew Hunter, Corporate Development of the Lang Mining Group
Tel: (604) 687-4622 Fax: (604) 687-4212
Toll Free: 1-888-267-1400
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