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Gold/Mining/Energy : Sun River Mining (SUNR) -- Ignore unavailable to you. Want to Upgrade?

To: Cytotekk who wrote (1352)	6/26/1999 8:23:00 PM
From: Mr Metals	Read Replies (1) \| Respond to of 1650

Metals, you don't want me to tell her that you are threatening to OFF Harry.......BELIEVE ME. She might sit on you! Just no JILL-JAIL:-)))))) Colleen in Orlando....wondering why I have so many jr gold mining stocks. ROTFLMAOSOHARDICANTBREATHEANDIHEARTHE911LOLMOBILEPULLINGUPTOTAKEMEAWAY MM

To: Cytotekk who wrote (1352)	6/27/1999 6:33:00 AM
From: Mr Metals	Respond to of 1650

Sounds AWESOME for a 9c mining deal..... Summo Minerals Corp - Summo Minerals closes $5.4-million (U.S.) loan; restructures board of directors Summo Minerals Corp SMA....TSE Shares issued 26,577,989 1999-06-24 close $0.09 Friday Jun 25 1999 Mr. Gregory Hahn reports Summo Minerals Corporation has closed a loan with Resource Capital Fund L.P. and St. Mary Minerals Inc. for a total of $5.4-million (U.S.) as announced initially on May 14, 1999. Under the terms of the Loan, RCF will provide up to $4-million (U.S.) of new funds and St. Mary has provided $1.4-million (U.S.) of its existing credit. The loan will be used as follows: $2.1-million (U.S.) to pay down the existing $3.5-million (U.S.) St. Mary credit to a remaining balance of $1.4-million (U.S.) (all conversion rights have been terminated), and $1.9-million (U.S.) for corporate working capital. The loan bears interest at LIBOR plus 2.5 per cent; interest will be paid semi-annually and may be paid in cash or in stock based on the weighted average price of Summo stock 20 trading days immediately preceding the scheduled interest payment date less the maximum allowable discount. In addition, the company has granted warrants to the lenders in the amount of 50-million to RCF and 17.5-million to St. Mary at the exercise price of 12 cents/share. The expiry on the loan and the warrants will be July 1, 2004, and June 25, 2004, respectively. Separately, the company has closed a private placement with two investors for a private placement in stock of the company in the amount of $170,000. The private placement consists of 1,416,667 units, priced at 12 cents/unit, with each unit consisting of a share and a warrant. The warrants are exercisable at a price of 13 cents/share, and carry an expiry date of June 25, 2004. The loan will allow Summo to retain 100 per cent of the Lisbon Valley project located in southeastern Utah. Lisbon Valley is a fully permitted and engineered open pit heap leach SX-EW project ready to go into construction and operation at the rate of 40-million pounds of cathode copper annually. The Lisbon Valley mine is projected to produce copper at an average cash cost of 47 cents/lb. Financing for construction of the project will proceed once copper prices improve. Meanwhile the company's focus will be on identifying new open pit heap leach SX-EW opportunities in the Americas which can produce copper for an average cash cost of 50 cents/lb. or less. Summo's goal is to become a substantial producer of copper with a target annual production capacity of plus 100-million pounds of cathode copper. Summo welcomes Frank Wheatley, James McClements, and Gordon Bogden to the board of directors. Mr. Wheatley is currently president and chief operating officer of Gabriel Resources Ltd. Previously Mr. Wheatley was vice-president-legal affairs for Eldorado Gold Corporation and an attorney with Smith Lyons working on mining related business transactions. Mr. McClements is presently the chief investment officer for the Resource Capital Fund L.P. Previously Mr. McClements was senior vice-president with Rothschild Denver Inc. He has also held management positions with Rothschild Australia and Standard Chartered Bank Australia, and worked with the Broken Hill Proprietary mining company in Australia. Mr. Bogden is currently a managing director of N.M. Rothschild & Sons Canada Limited. Prior to joining the Rothschild Group in 1997 Mr. Bogden was managing director of CIBC Wood Gundy Securities involved in investment and merchant banking services for the global mining industry. Mr. Bogden is a qualified professional engineer in Canada. Mr. Wheatley was elected non-executive chairman by the newly constituted board. Summo has accepted the resignations of Robert Mason, J. Douglas Little, John Robins, Frank Shanley, and John Champagne as directors of the company. Graham Scott and Gregory Hahn will remain as directors. We appreciate all the time and effort invested by the outgoing directors over the years in helping to develop Summo into the company it is today, and look forward to the contributions of the new and remaining directors as we go forward with this new effort. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com