New Blue Ribbon Resources Ltd (NBL.V was BLO) Message Board

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Gold/Mining/Energy : New Blue Ribbon Resources Ltd (NBL.V was BLO)

NBL 8.460

0.0%

Oct 6 5:00 PM EST

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To: tanoose who wrote (117)	2/24/1997 6:20:00 PM
From: Chris A.	of 407

Frank and all, Here is BLO's press relase for today. Were up another .04 cents to close at .49 cents today... NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: BLUE RIBBON RESOURCES LTD. VSE SYMBOL: BLO FEBRUARY 24, 1997 Blue Ribbon Brokered Private Placement with Yorkton Securities Inc. VANCOUVER, BRITISH COLUMBIA--The Company is pleased to announce that it has agreed to do a brokered private placement with Yorkton Securities Inc. to place up to 2,000,000 units at a price of $0.35 per unit. Each Unit shall consist of one common share in the capital of the Company and one-half of one common non-transferrable share purchase warrant, which warrant is exercisable for an eighteen month period. Each whole warrant entitles the holder thereof to purchase one additional common share of the Company at a price of $0.40 per share. There is a commission payable to Yorkton Securities of 7.5 percent of the gross proceeds payable in cash and agent's warrants to purchase up to 200,000 common shares of the Company at the price of $0.40 per share, for an eighteen month term. The net proceeds from this financing will be used to complete auger drilling and detailed surface sampling at some of the Company's more promising gold targets including: 1) The 3-km long Kwakakka Creek soil anomaly on the Dijon concession where trench sampling returned assays of 1.5 gpt over 24 metres including 3 metres with 9.87 gpt and grab samples with up to 57 gpt, and auger drilling results included 7.5 metres with 3.9 gpt gold. 2) The Oelemari concession where 41 pan concentrate samples, containing visible gold and assaying as high as 7.2 milligrams gold, define the Siddhartha target area in the northwest portion of the concession. 3) The Bemau and Toeboeka concessions where assay results from more than 3,000 soil samples were used to define six targets for follow up surface sampling and auger drilling. These targets have already yielded soil samples with up to 10.3 gpt and surface rock samples with up to 16.8 gpt gold. This transaction is subject to regulatory and board approval. This press release was prepared on behalf of the Board of Directors of the Company which accepts full responsibility for its contents. ON BEHALF OF THE BOARD OF DIRECTORS Jack DiMarchi, President

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