Southern Africa Minerals Corporation - Roscoe Postle Associates Retained To Audit Resources
TORONTO, ONTARIO--Management has retained the services of Roscoe
Postle Associates Inc. (RPA) to perform an audit of the resources
of the Caber massive sulfide deposit located to the west of the
Matagami, Quebec mining camp. RPA's report will provide the
corporation with an independent opinion of copper-zinc resources
on the Caber property. RPA will also comment on the exploration
potential in the vicinity of the Caber deposit, the Caber North
area and the rest of the property.
A detailed presentation on the project will be given at the Annual
Meeting of the corporation at 4:30 p.m. on Tuesday, May 25th,
1999. The meeting will be held at the Ketchum and McDonald Room,
the Board of Trade, First Canadian Place (Adelaide Street
Entrance).
Noranda Inc. can earn up to a 70 percent interest in the property
by bringing the property to production; by incurring $6.0 million
in work expenditures and making $2.85 million in private
placements in the company over a four-year period. To date,
Noranda has subscribed for $800,000 worth of SAF's shares @
$1.38/share. The next placement, due on June 15th, 1999, is for
$400,000.00 worth of shares at $1.72/share. Southern Africa
Minerals and Noranda are co-managers of the project during the
exploration phase.
THE PRESS RELEASE WAS PREPARED BY SOUTHERN AFRICA MINERALS
CORPORATION WHICH ACCEPTS THE RESPONSIBILITY AS TO ITS ACCURACY.
NO STOCK EXCHANGE OR ANY REGULATORY AUTHORITIES OR SIMILAR BODY,
HAVE APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Southern Africa Minerals Corporation
Denis Francoeur
President and C.E.O.
(416) 365-0250
http:// www.southernafrica.net |
