Big Valley options mineral property; closes financing
Big Valley Resources Inc BV
Shares issued 19,174,310 Apr 15 close $0.49
Thu 15 Apr 99 News Release
Mr. Lloyd Tattersall reports
The company has reached an agreement in principle with Imperial Metals
Corp. and SC Minerals Canada Limited, a division of Sumitomo Canada
Limited. Under the terms of the agreement in principle, the company has
been granted the right to earn a 50 per cent interest in three mineral
claims held by Imperial and SCM. To exercise the option, the company will
be required to incur a total of $2-million in exploration and development
costs on the claims by Oct. 31, 2001. The company will not be required to
issue shares or make any cash payments. Upon exercising the option, the
parties will form a joint venture for the purpose of developing and
exploiting any commercial ore deposits on the claims. A formal option
agreement will be completed by the end of April 1999.
The three minerals claims are immediately south of and adjoin the company's
Lloyd 2 and Nordik 6 claims. The optioned claims are approximately one
kilometre north of the Mount Polley mine, currently in production. The
company's Lloyd 2 deposit, a measured and indicated geological resource of
2,196,000 tonnes grading 0.559 per cent copper and 0.390 grams per tonne
gold is located on the Lloyd 2 claim adjacent to the optioned claims.
Previous drilling by the company indicates that the mineralization
associated with the Lloyd 2 deposit continues up to the boundary of the
optioned claims.
Initial exploration work in 1999 will consist of definition ground
geophysical surveys and diamond drilling on the three optioned claims to
determine how far onto the claims the known mineralization extends. In
addition, drilling on the Lloyd 2 claim will be carried out to delineate
the northwestern extent of the Lloyd 2 deposit.
Further to news in Stockwatch Jan. 28, 1999, the company has completed a
1,495,000 unit non-brokered private placement. The units were sold at 25
cents and consisted of one share and one share purchase warrant. The
warrants entitle the holders to purchase one additional common share at any
time within two years at 35 cents. Proceeds from the sale of the units will
be used as general working capital.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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