NEWS
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CLEARWATER, FLA. (Feb. 11) BUSINESS WIRE -Feb. 11, 1999--European
American Resources Inc. (OTC BB:EPAR) announced Thursday that it has
entered into an agreement with Ikar Minerals Corp. (OTC BB:IKAR) to
purchase approximately 400 square kilometers (100,000 acres) of their
mining concession located in the Republic of Tajikistan, a former
Soviet Union State in the heart of Central Asia.
The transaction is conditional upon a completion of EPAR's Due
Diligence as to title and control of the concession by IKAR and subject
to final approval of the board of directors of both companies.
The Purchase Price set at $39,850,000 will be paid in cash and stock
over a 36 months periods commencing from closing date of the execution
of the agreement.
The purpose of the deal will greatly enhance shareholder value of both
companies. EPAR will file a registration of convertible preferred
shares with a par value of six US Dollars convertible into a share of
common stock with a strike price of six and a half US Dollars.
EPAR presently holds 62 patented claims in Eureka county and
approximately 700 unpatented mining claims all in the state of Nevada.
EPAR's Eureka county/Prospect Mountain is bordered by Homestake's Ruby
Hill/Archimedes gold mining operation, which is represented to be one
of the most profitable open pit operations in Nevada.
With the purchase of the IKAR mining project, EPAR believes that it is
well positioned to exploit sizable mineral assets of gold, silver and
tungsten, within world-class mining belts in both the North American
and the Asian continents.
Note: Statements in this document that are not descriptions of
historical facts are forward-looking and subject to risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors, including
uncertainties as to actual amount of mineral reserves in EPAR's
holdings; further uncertainties relating to exploration, drilling and
recovery of such minerals; dependence on third parties; future capital
needs; and other risks relating to safety, regulatory, competition and
other risks.
-0- jd/mi*
CONTACT: EPAR, Clearwater, Fla.
Martin Sportschuetz, CEO, 727/298-0636
727/298-0173 (fax)
epar17@gte.net (e-mail)
or
EPAR, Toronto
Dale M. Hendrick, P.Eng., Chairman
416/955-8630 or fax 416/365-7463
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