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Gold/Mining/Energy : GMD RESOURCE -- Ignore unavailable to you. Want to Upgrade?

To: Richnorth who wrote (955)	6/30/1999 1:31:00 PM
From: VAUGHN	Read Replies (1) \| Respond to of 1030

Hello Richnorth This out yesterday: VSE Symbol - “GMD” U.S. 12g3 Exemption #82-4071 News Release No. 212 June 29, 1999 NEWS RELEASE JV Agreement with Monopros on GMD's Royce Group Diamond Project, NWT and the Private Placement Funding with Monopros closed. GMD Resource Corp. (the "Company") reports that the non brokered private placement to Monopros Limited (“Monopros”) of 250,000 units at $0.70 per unit announced June 16, 1999 has closed following Vancouver Stock Exchange approval. Each unit consists of one share and one non-transferable share purchase warrant. Each warrant is exercisable by Monopros into one additional share of the Company at a price of $0.81 per share for two years expiring June 22, 2001. The placement funds will be added to working capital. The Vancouver Stock Exchange has also accepted for filing an agreement dated June 15, 1999 between Monopros Limited, a wholly owned subsidiary of De Beers Consolidated Mines Limited, whereby Monopros may earn a minimum 51 percent joint venture interest in the Company's 499,416 acre Royce Group Diamond Property, NWT. The terms of the agreement provide that Monopros, as operator, may earn a 51% interest in the Royce Group Diamond Property by incurring not less than $16,000,000 in four sequential programs by April 30, 2004. The four stage work programs, which are results dependent, are designed to progressively advance the property and will include expenditures on additional reconnaissance sampling, geophysics, drilling, and if warranted, mini-bulk sampling, macro diamond sample processing through a dense media separation plant and delineation drilling. Operatorship of the Property will be assumed by Monopros effective immediately. The Stage 1 program which will commence shortly will consist of additional reconnaissance till sampling (up to 2,000 samples), processing and sorting of samples and microprobing of positive grains, glacial sediment mapping, helicopter geophysics (combined Mag/EM) over approximately 2,000 line kilometres of selected targets plus drilling of up to 10 holes of 200 metres each with follow up micro diamond assay (“MIDA”) analysis of any kimberlites. The Stage 1 work program is to be completed by April 30, 2000 at an aggregate cost of not less than $1,500,000. Upon completion of the Stage 4 work program Monopros and GMD shall form a Joint Venture and the participating interests will be 51% Monopros and 49% GMD. Should a Joint Venture be formed upon completion of the Stage 4 work program the agreement provides, among other things, for the establishment of a Management Committee, funding of the Joint Venture, dilution should either party fail to contribute and repayment of project cost allocations. The Stage 5 program will consist of the completion of a full feasibility study the cost of which shall be borne by Monopros. Upon completion of Stage 5 Monopros shall acquire an additional 9% participating interest such that the participating interest of Monopros shall be 60% and that of GMD 40%. For further information please contact Investor Relations at (604) 669-6619 or 1-800-808-3350. GMD RESOURCE CORP. “Rodney N. Duncan” Rodney N. Duncan President Regards