Winspear Resources Ltd. announces Option/Joint Venture Agreement with ITL Capital Corporation and International Riley Resources Ltd.
VANCOUVER, April 28 /CNW/ - Winspear Resources Ltd.
Trading Symbol: WSP.V
Winspear Resources Ltd. is pleased to announce that the company has
entered into an Option/Joint Venture Agreement with ITL Capital Corporation
and International Riley Resources Ltd. to acquire a 70% interest in the Char
Property, located in the Slave Province, Northwest Territories. The property,
comprising 92,000 acres, is situated 345 kilometres northeast of Yellowknife.
Upon execution of the formal agreement, Winspear will make a cash payment
of $25,000 and issue 25,000 shares. Under the terms of the agreement,
Winspear will incur exploration expenditures of $2 million and make additional
cash payments totalling $50,000 and issue a further 50,000 shares by December
31, 2001.
Winspear will be operator of this project and will conduct a detailed
airborne EM/Mag survey and a till sampling program during 1999. The airborne
geophysical survey is expected to commence during early May, 1999.
The above transaction is subject to regulatory approval.
Winspear Resources Ltd.
''Randy C. Turner''
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Randy C. Turner, P.Geo.
President and Director
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
release.
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For further information: Randy C. Turner (604) 687-6644, fax (604)
687-1405, Toll Free 1-800-686-7744, Web Site winspear.com , Email randgrp@helix.net |
