NPEC! You guys might want to check this one out. They have some
real potential in the near future and this news is just the beginning.
Check the thread for more info. Currently trading around 15cents with
millions trading in volume for last week or so. Good luck.
Tuesday February 25 8:22 AM EDT
Chilean Agreements Finalized
NEW YORK--(BUSINESS WIRE)--Feb. 25, 1997--NP Energy Corp. Inc. and Last Frontier Oil Company Inc. have now
finalized agreements regarding their joint participation in two major mining properties in Chile.
The properties, the Mina Claudia and the Andacollo are under contract to Sierra la Plata S.A., a wholly owned Chilean
subsidiary of Last Frontier Oil Company Inc. NP Energy Corp. Inc. has been a major force in the acquisition of all rights, titles
and interest in and to these properties. In return for these efforts NP Energy is to receive the following: (a) 5,000,000 common
shares of LFOC at a deemed value of $2.00 per
share; (b) a 20% carried interest in these properties, up to commercial
production as defined in the property contracts at which time
this becomes a 20% working interest; (c) item (b) will apply to all future acquisitions made by Sierra
la Plata S.A..
A processing facility located on the Churumata property is being readied for production starting in March of 1997. The mill will
produce gold from high grade veins, test metallurgy of the ore and provide a bulk sampling facility for the continuing
exploration of the various properties. Last Frontier Oil Company Inc. has contracted a team of Chilean geologists and
engineers to direct the production and exploration of both the properties and oversee the milling operations.
Last Frontier Oil Company Inc. commissioned reports on the properties by two qualified geological professionals. Gordon
House, P.Geo., reports that the Andacollo group of claims contain drilled, probable reserves exceeding 3,000,000 metric
tonnes of gold ore in the high grade veins and in excess of 3,000,000 metric tonnes in the manto structures.
Reports by Malcolm Fraser, Bsc, MA, economic geology, state the development potential of one of the several undrilled
properties, the "La Colorada," in the Andacollo group of claims, to be in excess of one million troy ounces of gold. None of
the properties have had sufficient work completed to scratch the surface of the potential that they hold.
For further information please contact Larry Regis at 909/245-9498.
On behalf of the board of directors Per: Larry Regis Jr., President
CONTACT: Larry Regis, 908/245-9498 |
