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Gold/Mining/Energy : Highwood Res. Ltd (T.HWD, HIWDF)
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To: Kenith Lee who wrote (4)2/13/1997 4:29:00 PM
From: Kenith Lee   of 147
 
Highwood Resources Ltd - News Release

Thor Lake ownership increased to 100%

Highwood Resources Ltd
HWD
Shares issued 7985760
1997-02-12 close $1.33
Thursday Feb 13 1997
News Release
Mr G. Lynkowski reports
The company has completed a transaction with Calabras (Canada) and Lutoda
Holdings to acquire 100% of the Thor Lake beryllium property in the NWT. Under the
terms of this agreement, Highwood has acquired the balance of the Calabras and
Lutoda interests in exchange for a 3% nsr on all production from the property. Under
terms of the previous agreements, Highwood was obliged to reconvey to Calabras and
Lutoda a 30% interest in the Thor Lake property if it did not reach commercial
production by December 31 2000. At completion of the present transaction, subject
to the nsr, 100% of the Thor Lake property will be owned and controlled by Highwood.
Highwood and prior owners have spent approximately $12 million to date on the Thor
Lake property. Underground and surface exploration, metallurgical testwork, and a
feasibility study in the late 1980s established a mineral inventory of approximately
500,000 tons grading 1% beryllium oxide and process technology for recovery of a
marketable beryllium product. Currently the feasibility study is being updated to take
into account recent developments in the beryllium and specialty metals industry.
In December of 1996 Mr Terry Pepper joined Highwood as vice-president of technical
development. Ms Heather Miree joined Highwood as manager of exploration.
Highwood's recent efforts have been directed towards aggressively pursuing
development plans for production from the Thor Lake property.

(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
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