Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Clear Creek Resources - CK/VSE -- Ignore unavailable to you. Want to Upgrade?

To: Francis Scavo who wrote (149)	8/6/1999 3:41:00 AM
From: Wizzer	Respond to of 150

Clear Creek Resources Ltd - Clear Creek to acquire Argentina dolomite property Clear Creek Resources Ltd CK Shares issued 5,781,101 1999-07-30 close $0.05 Thursday Aug 5 1999 Mr. Wade Dawe reports Clear Creek has entered into an agreement with Minera Olympus Argentina S.A., an arm's-length party, to acquire the Bocca Sierra dolomite property in Buenos Aires province, Argentina, subject to regulatory and shareholder approval. The Bocca Sierra property is an operating dimensional stone quarry covering 12 hectares and located near the city of Olavarria, with several large ports within easy road and rail access from the site. Currently, there is production of only 30 to 40 cubic metres per month. Current estimated reserves of dolomite are 44.2 million cubic metres. Diamond core drilling financed by the provincial government has established uniformity of the Bocca Sierra dolomite (which is a requirement for commercial extraction) over large areas. The deposit is not heavily fractured and high recoveries of large commercial-sized blocks can be achieved. The material is attractive and polished tiles and slabs of the dolomite figure prominently on numerous high-profile buildings in Buenos Aires. As part of the transaction, the company will effect a 1 for 3 consolidation of its share capital. The consideration to be paid for the property will be 1.7 million postconsolidation shares, and will result in a change of control and management of the company. Olympia Argentina S.A. is part of the Olympus group of companies based in South Africa, the principals of which are Rudolph de Bruin and David Twist, the latter of whom shall become a director of the company on closing of the acquisition. Olympus has significant experience in the dimensional stone industry and has formed joint ventures on other projects with major companies in the industry. The company has terminated its option to acquire the Red Hat property in Zimbabwe. Four hundred thousand shares held in escrow in respect of the Good Hope property, in which the company terminated its interest last year, are being cancelled, reducing the issued share capital to 5,781,101 shares (1,927,034 postconsolidation). (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)