HERE'S THE NEWS RELEASE LOOKS PRETTY GOOD
mpany: JNR Resources Inc.Symbol: JNNExchange: VSETelephone: (604) 684-5118Fax: (604) 682-8566Toll Free: Website: infodine.com jnrres@skybus.comReleased on February 24, 1997
Significant Uranium Assets Acquired
Dale W. Hoffman, President of JNR Resources Inc. (the "Company") is pleased to announce that the Company has signed a letter of intent to acquire a 50 percent working interest in two exciting new uranium projects. The properties are located in the Hornby Basin of the Northwest Territories, which has marked similarities to the uranium-rich Athabasca Basin of Saskatchewan.
The PEC Property contains a geological resource of approximately 7 million pounds of uranium, with potential for much more. The Boulder Train Property contains a boulder train containing grades of up to 3.3 percent U3O8. The source of these boulders is considered a very significant target.
The Company will acquire its interest in the properties by making a down payment of $50,000, and payments totalling $125,000 and 200,000 shares, staged against $600,000 of exploration, over 3 years. The acquisition, from Northern Geophysics Ltd, of Yellowknife, N.W.T., is subject to regulatory approval and final documentation. A 2 percent net smelter return, with a buyout of $6 million, is also payable.
The Company is also acquiring substantial acreage in the most prospective areas of the Athabasca Basin, Saskatchewan, under the direction of Dr. L. S. Beck.
Uranium authorities predict that there will be a uranium production shortfall until 2015. The spot price of uranium has doubled in the past two years, and is predicted to continue rising. JNR Resources Inc. firmly believes that the uranium sector of the mining industry will provide the greatest future potential for the Company's shareholders.
JNR RESOURCES INC.
Dale W. Hoffman, President
Well what does everybody think looks pretty good to me up .9cents on 600000 so far. anybody no the short position on this stock
Doug |
