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Gold/Mining/Energy : Standard Mining, ( Formerly Quest International ) -- Ignore unavailable to you. Want to Upgrade?

To: Robert J Mullenbach who wrote (95)	9/14/1999 4:57:00 PM
From: AriKirA	Read Replies (1) \| Respond to of 462

Standard Mining Corp - Standard raises funds, reduces debt, settles litigation Standard Mining Corp SDM Shares issued 0 1999-09-13 close $0.23 Tuesday Sep 14 1999 Mr. Paul Saxton reports A number of important events that have occurred recently within Standard Mining. Funds have been raised, debts significantly reduced, litigation issues resolved, and the exploration work program on the Zopilote property in Honduras has been advanced. These events, coupled with the consolidation of the company stock, new management and directors, name change and cost reduction measures have combined to create a financially healthier company ready to move forward on to its stated goal of becoming a producer in the short term. The company was recently successful in completing a 4.5 million unit private placement that raised $900,000. A portion of the funds that were raised is being used to pay down a majority of outstanding debts, that totalled about $1.2-million. Creditors agreed to a restructuring plan under which they received a percentage of their debt in cash. Paul Saxton, president and chief executive officer, would like to thank these companies for their consideration in this matter. This will allow the company to start focusing on advancing its projects and finding joint venture partners for some of its properties. In addition, the company has been able to settle two litigation issues that had been accrued on the company's financial statements for some time. Both of these litigation scenarios were based in the United States and involved persons who had either worked for the company or contracted to it. The company's exploration program is continuing at its Zopilote property in Honduras. A senior mining company and Standard have joined forces to expand the soil-sampling grid on the property. Standard has agreed to let the senior company review all soil-sample assays on the property in return for that company paying for the assaying costs associated with the collecting of the soil-samples by Standard personnel. There is no other obligation by Standard to the senior company. Soil-sampling to date has shown that the anomalous zone is much larger than first anticipated. The soil-sampling continues to identify drill targets which could possibly expand the existing gold resource. The company is preparing to review past work on the Damoti Lake property in the Northwest Territories. The property is approximately 200 kilometres north of Yellowknife. It is a lupin-style banded iron formation gold deposit with a drill-indicated resource of 620,000 ounces. The property is structurally complex with many high-grade gold intersections. An exploration program will be designed to continue the exploration on strike. The structure appears to be continuous over a length of 12 to 13 kilometres. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)