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Gold/Mining/Energy : Nuinsco Resources (NWI)
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To: Just G who wrote (3299)4/19/1999 9:41:00 AM
From: Marek  Read Replies (2) of 5821
 
Nuinsco Resources Limited -

Nuinsco doubles property package at Lac Rocher

Nuinsco Resources Limited
NWI
Shares issued 40,440,366
1999-04-16 close $1.15
Monday Apr 19 1999
Mr. Douglas Hume reports
The company has signed an agreement of purchase and sale with Quebec
prospectors Pierre Gervais, Edouard Chartre and Gilles Chouinard to acquire the
prospectors' interests in an additional 235 mineral claims adjoining the company's
existing claim group at Lac Rocher. This new mining claim acquisition increases
the company's land holdings to 438 from 203 claims, for a total of about 7,009
hectares (17,316 acres). The agreement is subject to approval.
Consideration for the claim purchase is approximately $60,000 in cash plus
100,000 treasury shares of the company for a 100 per cent interest in the claims,
subject to the same royalty interest of 50 cents per ton for all minerals mined and
milled. These new properties will be incorporated in the original exploration
agreement completed in February 1998, with the same prospectors.
Parts of the new acquisition were reserved for staking following the company's
1998 diamond drilling program. Permission to stake was required from Quebec
Hydro and other Quebec regulatory authorities, accounting for the delay in
concluding the transaction.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com

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