these guys giving themselves a big payday or what ,
sam
Vancouver BC February 22, 1999: Anzex Resources Ltd. reports that surface
geochemical soil sampling at the Company's Longwoods project in New Zealand
has returned highly anomalous analyses ranging up to 810 ppb combined
platinum and palladium. These occur south of DDH 3&4 in an area where the
airborne magnetic survey indicates favorable host rocks. To ensure that
optimum targets are selected diamond drilling will be deferred until all
results are received from the ongoing soil sampling program.
In a report recently submitted to the Board by the Company's consultant, Dr.
A.J. Naldrett cautions that results to date may not represent economically
significant mineralization but concludes his report with the statement,
"Despite the caution expressed above, I believe that the potential for
economic mineralization remains high. We know where we want to look, surface
sampling suggests that the right rocks underlie this area, and soil sampling
is showing up some interesting anomalies."
In a news release dated June, 1998 the Company announced that it had applied
for seven prospecting permits on the South Island of New Zealand. Six of the
seven applications have now been granted. Management is currently
evaluating available data on these projects.
A six hole program was initiated in June 1998 on the Company's Mosquito Hill
gold-copper exploration program in Queensland, Australia. It was terminated
after two 300-metre holes failed to intersect heavy sulphide mineralization
which had been predicted from geophysical interpretation. Management has
recently reviewed all data on this project and has elected to allow the
tenements to lapse. Funds previously allotted to Mosquito Hill will be
transferred to Longwoods.
The Company granted options for an aggregate of 320,000 shares to four of
its directors and officers which were approved as part of its initial public
offering prospectus in February, 1998. These options are exercisable at
$0.75 per share, expiring on February 4, 2003. In May 1998 the Company
granted an option to an employee for 100,000 shares at a price of the
greater of $2.50 per share or 50% of the market price on the date of
exercise, expiring on May 11, 2000. In July 1998 the Company granted an
option to an employee for 25,000 shares at a price of $1.77 per share,
expiring on July 22, 2000.
Subject to regulatory approval the exercise price of the above options has
been reset to $0.21 per share. All other terms of these stock options
remain unchanged.
In addition, subject to regulatory approval, the Company has granted further
stock options to certain of its directors and employees for an aggregate of
424,000 shares. These options are exercisable for a period of five years
commencing on February 22, 1999 and expiring on February 21, 2004 at a price
of $0.21 per share, being the average trading price of the Company's stock
for the ten previous days.
The Longwoods Project will continue to be the main focus of the Company's
exploration efforts. In addition the Board has initiated an international
search for other quality platinum exploration projects utilizing Dr.
Naldretts extensive experience and contacts. It is the intention of the
Board to develop Anzex into a leading platinum group exploration company.
On Behalf Of The Board Of Directors
Anzex Resources Ltd.
James S. Kermeen, M.Sc., P. Eng. For More Information
Contact;
President Todd McMurray
VP Corporate Development
Tel: 1 604 684 6671
Toll Free: 1 888 989 3232
Fax: 1 604 684 6643
E-mail: anzex@bed-rock.com |
