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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture
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To: grayhairs who wrote (3013)6/3/1999 11:20:00 PM
From: usinvestor  Read Replies (1) of 15703
 
Sorry for the late response, I was out most of the evening. I ask that you please refer to PYR's press release dated June 1, 1999 of this week, an excerpt is reproduced for your information....

"The purpose of the placement is to fund additional exploitation and
development costs related to its East Lost Hills project, to fund the
previously reported acquisition of carried working interests in each of
three additional deep San Joaquin Basin exploration prospects purchased
from Armstrong Resources LLC of Denver, for additional exploration
activities in the San Joaquin Basin and in the Rocky Mountains and for
general and administrative expenses."

My sources tell me PYR's interest is 3.75% which I assume is a BPO interest in Cal Canal. Their ownership differs in the other two projects. But in any instance their ownership is still carried, no drilling costs whereas the other companies all have to pay.

Please verify this with your sources for I am curious if my information is accurate.
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