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Gold/Mining/Energy : CLAIMSTAKER RESOURCES, (VSE:CLN)

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To: Peter Bourgeois who wrote (115)	2/27/1997 4:31:00 PM
From: Imane Elguindi	of 199

Here is the news release: Claimstaker Resources Ltd CLN Shares issued 10,804,121 Feb 26 close $0.52 Thu 27 Feb 97 News Release See Petro Plus Inc (PPV.A) News Release Mr Randy Studer reports Petro Plus has entered into a letter of intent which grants a private Alberta company (the purchaser) the right to acquire 25% of the issued and outstanding shares of No. 75 Corporate Ventures Ltd for $2.0 million payable by May 1 1997 with formal agreements to be negotiated and signed within 45 days. The purchaser is at arms length to Petro Plus and details relating to the purchaser will not be disclosed until the final agreement is signed. No. 75 Corporate Ventures is a wholly owned subsidiary of Claimstaker Resources Ltd. No. 75 Corporate Ventures owns 100% interest in the mineral claims and leases, buildings and assets commonly referred to as the Blackdome goldmine near Clinton, BC. In May 1996 Claimstaker Resources granted an option to Petro Plus to acquire 50% of the issued and outstanding shares of No. 75 Corporate Ventures for $2.5 million. Petro Plus has paid $500,000 in summer 1996 to acquire the option. The funds were used for a summer exploration program. The balance of the purchase price must be paid by May 1 1997. These funds will be used to continue exploration and development and to reopen the mine with Claimstaker Resources as operator. Between 1986 and 1991 the Blackdome goldmine produced approximately 225,000 ounces of gold and 550,000 ounces of silver from some 370,000 tons of ore. The average grade of the ore mined during this period was 0.64 oz/t gold and 1.49 oz/t silver. The on-site 210 tonne per day ore processing plant has been examined by an independent engineer and only minor changes will be required to resume operations. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com

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