Thursday March 4, 10:01 am Eastern Time
Company Press Release
Expatriate Resources: Wolverine Purchase Agreement Completed
VANCOUVER, BRITISH COLUMBIA--Dr. Harlan Meade, President and CEO, is pleased to announce that the Purchase Agreement with Boliden Westmin (Canada) Limited to acquire its 60 percent interest in the Wolverine Joint Venture and wholly-owned properties in th e Finlayson Lake District was signed today. The closing is set for March 18, 1999, at which time approval from the Vancouver Stock Exchange is expected to have been received and all other transfer documents finalized.
Dr. Meade stated that ''it will be great to have this purchase behind us so we can get on with addressing the creation of value in Wolverine. Wolverine is a tremendously rich zinc-silver deposit with a current gross metal value of almost US$1.5 billion. The surrounding Finlayson Lake District has the potential to be a major volcanogenic massive sulphide mining camp. Over the coming years, Expatriate looks forward to crystallizing the value of Wolverine and the District''. The Wolverine Deposit contains
a resource of 6,237,000 tonnes grading 12.66 percent zinc, 1.33 percent copper, 1.55 percent lead, 370.9 g/t silver and 1.76 g/t gold.
With the closing of the purchase of these assets, Expatriate will approve for issue 4,750,000 of its common shares to Boliden, increasing Boliden's shareholding to 7,950,500 shares or 52.3 percent of the issued shares of the Company. On closing, Boliden
has elected to only receive 3,750,000 shares to maintain a 49 percent interest. It can elect to take the remaining shares at any time. Upon closing Mr. John Sibley of the law firm Bull, Housser & Tupper will join Ken Stowe as Boliden's representatives
on the Board of Expatriate. Mr. Ken Stowe is the Senior Vice-President of Mining Operations for Boliden Limited. Expatriate welcomes the security and support provided by the expanded interest of its major shareholder in these difficult times in the ju
nior resource sector.
We can now meet with the management of Atna Resources Ltd. (40 percent JV interest) to finalize 1999 plans and budgets for the Wolverine Joint Venture. Preliminary discussions between the parties have advanced the formulation of plans for addressing the
metallurgical issues and exploring means to capture more of the value of these high grade ores.
Wolverine and the Finlayson Lake District properties are foundations upon which Expatriate intends to build a well managed and successful base-precious metal company. More information on Wolverine and the Company's other exciting exploration projects ca n be found on our website: www.expatriateresources.com.
This press release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control and actual results may differ materially from the expected results.
EXPATRIATE RESOURCES LTD.
Dr. Harlan D. Meade, President
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