Aranlee Resources Ltd - News Release
Aranlee to acquire KazMinCo's interest in Agadyr
Aranlee Resources Ltd
ARB
Shares issued 16100000
1997-02-07 close $0.88
Monday Feb 10 1997
News Release
See Kazakhstan Minerals Corp (KMC.U) News Release
Mr Tony Williams reports
Kazakhstan Minerals has executed a letter of intent with Aranlee Resources to
acquire 100% of KazMinCo's interest in the Kazakstan Closed Joint Stock Company
Agadyr. Agadyr's interest consists of ten mineral properties comprising approximately
9,700 sq km within the area governed by the Agadyr exploration licence and certain
property comprising a further approximate area of 2,000 sq km included in a pending
application for the Balkhash exploration licence.
Agadyr is one of two active joint ventures acquired by KazMinCo in October 1996
following KazMinCo's purchase of 100% of the common stock of Almaty Exploration
Ltd. The other joint venture of AEL is Closed Joint Stock Company Ulytau which
holds the Ulytau licence comprising an area of 15,400 sq km in the Zhezkazgan and
Torgai regions of Kazakstan. The purchase price paid by KazMinCo for AEL
comprised US$345,000 in cash and the issuance of 100,000 shares (with a total
subscription price of US$650,000).
Aranlee will make the following cash, share and other payments to KazMinCo:
Total cash payment $700,000; US$350,000 will be paid upon signing a formal
agreement with further payments of US$175,000 within 90 days and US$175,000
within 180 days of signing the formal agreement.
Aranlee will issue to KazMinCo two million shares which shares currently represent
approximately 12.2% of Aranlee's issued shares in respect of the ten mineral
properties. In addition, Aranlee will issue to KazMinCo 200,000 shares in respect of
the Balkhash exploration licence upon receipt by Agadyr of the licence.
Aranlee is responsible for all work commitments, costs and expenses related to
Agadyr from January 1 1997 and, upon issuance of the Balkhash exploration licence,
will reimburse all of KazMinCo's expenses on the Agadyr concession up to the date
of issuance of the licence.
Aranlee will pay to KazMinCo US$5.00 per mineable metallurgically recoverable,
proven/probable ounce of gold equivalent as detailed in a bankable final feasibility
study to be generated on the first deposit located in each of the ten mineral properties
subject to the Agadyr exploration licence and certain property that would be subject
to the currently pending Balkhash exploration licence. The payment would be made
by cash payment or by share issuance, or by a combination of cash payment and
share issuance at Aranlee's option subject to necessary regulatory approval in the
case of a share issuance.
In addition to the property interests being acquired through the proposed Agadyr
acquisition, Aranlee also holds an option to acquire a 100% interest in 11 properties
in Argentina and has a 50% interest in 1,565 claims respecting 17 properties in the
region of Voisey's Bay, Labrador.
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