Int'l Kirkland to acquire Quebec properties
International Kirkland Minerals Inc IKI
Shares issued 5,188,001 Feb 16 close $0.60
Wed 17 Feb 99 Acquisition
The Vancouver Stock Exchange has accepted for filing a letter agreement
dated Feb. 8, 1999 between International Kirkland Minerals Inc. and 2973090
Canada Inc. (Dennis Clement, Stephen McIntyre, Thomas Obradovich) pursuant
to which the company may earn a 100 per cent interest in 30 claims in the
Lac Rocher Township, Que., known as the Huskies project. In consideration,
the company will reimburse costs of $6,000, make cash payments of $55,000
on signing and $15,000 per year in the second and third years, incur
exploration expenditures of $200,000 over a three year period ($50,000 due
by May 31, 1999) and issue 100,000 shares. Of the shares, 50,000 will be
issued upon exchange acceptance and the further 50,000 are due on or before
May 31, 1999 upon exchange acceptance of a geological report detailing the
work done on the property and recommending further work. The property will
be subject to a 3 per cent net smelter return royalty.
The Vancouver Stock Exchange has also accepted for filing an option
agreement dated Feb. 8, 1999 between International Kirkland Minerals and
Dumont Nickel Inc. (Glenn J. Mullan) pursuant to which the company may earn
a 50 per cent interest in 15 claims in the Lac Rocher township, known as
the Foreurs claim block. In consideration, the company will make cash
payments of $55,000 on signing and $15,000 per year for the next three
years, incur exploration expenditures of $375,000 over a three year period
($50,000 due by April 30, 1999) and issue 100,000 shares. Of the shares,
50,000 will be issued upon exchange acceptance and the further 50,000 will
be issued upon exchange acceptance of a geological report detailing the
work done on the property and recommending further work. The property will
be subject to a 3 per cent net smelter return royalty of which 1 per cent
may be repurchased for $1-million (U.S.) within the next five years.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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