Goldbelt Resources Ltd
GDB
Shares issued 46,551,376
1998-12-07 close $0.03
Thursday Feb 4 1999
Mr. Mark Wilson reports
Goldbelt and Regal Petroleum Corporation Limited have extended, from Jan. 31
until Feb. 23, 1999, the due diligence period and the execution of the definitive
share purchase agreement for the previously announced (see Stockwatch Dec. 9,
1998) acquisition of Regal by Goldbelt. Goldbelt has scheduled a shareholders
meeting for late February to approve the effective change of voting control of the
company which will result from the acquisition. Goldbelt's stock remains halted
from trading on the Vancouver Stock Exchange until such time as Goldbelt and
Regal complete or terminate the intended transaction.
Goldbelt continues to pursue the disposition of its mineral lease interests in
Kazakhstan. On Jan. 29, 1999, Golddbelt entered into an option agreement with
Dabney Industries for the sale of Goldbelt's 60 per cent interest in Karagai Gold,
a Kazakhstan company which holds the licence to the Abyz massive sulphide
deposit. Dabney paid $50,000 (U.S.) for the option. The agreement requires that
Dabney invest $100,000 (U.S.) in exploration for 1999 and then has the right to
purchase Goldbelt's interest for $300,000 (U.S.) by Oct. 31, 1999.
Goldbelt previously entered into an option agreement (see Stockwatch April 22,
1998) with Dabney for the sale of a controlling interest in Dostyk LLP, the
company which holds the exploration licences to two large exploration areas in
Kazakhstan, Mykubinsk and Central Kazakhstan. Dabney has paid the first
$50,000 (U.S.) of a $100,000 (U.S.) purchase price. The closing transaction has
been delayed for some time, but both companies remain committed to the deal
and closing of the transaction is expected in the near future.
Goldbelt previously announced an agreement to sell its 60 per cent interest in the
Abyz deposit and its 50 per cent interest in the Leninogorsk tailings deposit to
Steppe Gold (see Stockwatch March 20, 1998). The two companies were not
able to reach a final agreement for the transaction due to a change in business
circumstances. Goldbelt remains committed to selling its 50 per cent interest in
Kazgold, the Kazakhstan company which owns the licence to the Leninogorsk
tailings deposit, however, the company is writing off the remaining $150,000 of
investment value in Kazgold as of Dec. 31, 1998. |
