EMGOLD MINGING PRESS RELEASE >>>
1610 - 777 Dunsmuir Street, PO Box 10435
Vancouver, BC V7Y 1K4
Tel: (604) 687-4622 Fax: (604) 687-4212
May 12th, 1999
Ticker Symbol: EMR-vse
Standard & Poors Directory
12g(3)-2(b) Exemption: #82-3003
REGULATORY APPROVAL RECEIVED FOR AMENDED PROPERTY AGREEMENT
The Company wishes to advise that regulatory approval has been granted to issue 1,000,000 common shares at a deemed value of $0.23 per share, in connection with amending the Lease and Option to Purchase Agreement between the Company and Sierra Pacific Industries. This issuance is not subject to a hold period.
The amendment by way of issuing 1,000,000 common shares, changes the payment date for the final US$1,400,000 option payment on the Company's 80 acre lot to December 10, 1999. The amendment also cancels the US$28,000 quarterly interest payments payable by the Company after June 10, 1998. In the event the Company's average share price for 30 consecutive days anytime between the date of the amendment and December 10, 1999 is greater than or equal to US$3.00 per share, the Company will obtain immediate title to the property with no further compensation payable. The vendor holds the option to extend the terms of the amendment for one additional year to December 10, 2000.
The Idaho-Maryland Gold Mine produced approximately 2.4 million ounces of gold up to 1956 when it was closed due to a fixed gold price of US$35 per ounce and escalating costs. Independent engineering reports indicate the potential for an inferred gold resource of up to 3 million ounces at a grade of 0.326 ounces per ton remaining in the mine.
Sean Tetzlaff, CFO
On behalf of the Board
For further information, please contact:
Andrew Hunter, Corporate Development of the Lang Mining Group
Tel: (604) 687-4622 Fax: (604) 687-4212
Toll Free: 1-888-267-1400
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