here is some more news
United Compass Resources Ltd UCR
Shares issued 13,684,899 Feb 20 close $0.66
Fri 21 Feb 97 News Release
See Patricia Mines Inc (PAT) News Release
Mr John Hill reports
Pursuant to a previously reported letter of intent, a definitive agreement
has been signed between Patricia Mines and United Compass Resources under
which Patricia has granted a 50% option on its interest in the Island gold
project near Wawa, Ontario to United Compass.
The option agreement calls for a total consideration of $5,350,000 to
Patricia Mines, with a down payment of $450,000 and the balance of payments
scheduled over a 15 month period. This will allow the company to complete
its $3,000,000 drilling program as well as make all remaining property
payments without issuing additional shares.
Two drills are currently working on the property and have completed ten
holes on 50m centres connecting the previously known Island and Localsh
zones. The president of Patricia reports that visible gold occurred in all
holes and that a hole is now being drilled to a vertical 500m target depth
approximately twice the average depth of previous holes.
Assays of the first four holes in this series were recently reported, the
best intersection being 23 ft of 0.67 opt. Final assays are expected to be
released shortly.
The Island gold project consists of 123 mineral claims approximately 50
miles southeast of Hemlo, Ontario. The property has a 650 tonne per day
carbon in pulp mill facility and infrastructure with an estimated
replacement value in excess of $40 million.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
