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 : LEADER MINING INTERNATIONAL - LMN:ASE -- Ignore unavailable to you. Want to Upgrade?

To: IKE who wrote (81)	2/25/2000 3:54:00 PM
From: Luisa G.	Read Replies (1) \| Respond to of 94

LMN-halted? I can't get RTQ. Louisa

To: IKE who wrote (81)	3/1/2000 9:11:00 AM
From: Gord Bolton	Read Replies (3) \| Respond to of 94

Leader Buys Similco And Invermay Properties From Imperial Metals Corporation Calgary, Alberta - Tuesday, February 29, 2000, 7:02 PM EST Leader Mining International Inc (LMN.V) and Imperial Metals Corporation (IPM.TSE) have signed a Letter Agreement whereby Leader can purchase all of the issued and outstanding shares of Similco Mines Ltd. (a wholly owned subsidiary of Imperial Metals) and the Invermay Property subject to favorable due diligence; approval of regulatory authorities; and approval of Leader's board of directors. The closing shall take place no later than May 15, 2000. Similco Mines Ltd. is a debt free company and owns the following assets: 1. 100% interest in an open pit copper - gold mine (Similco Mine), located 14 Km south of Princeton, B.C. or 250 Km east of Vancouver, directly accessible via paved highway. 2. Fully permitted 27,000 ton/day mill and infrastructure. Operations ceased in Nov. 1996 due to copper price uncertainty, and is currently on a care and maintenance basis. To date Similco has produced 1.74 billion pounds of Copper, 9.1 million ounces of Silver and 730,000 ounces of Gold. Current open-pit resources are at 142,407,000 tons grading 0.397 % Cu (1.13 billion pounds of Copper). Majority of these resources can be classified into reserves upon a production decision. Similco Mines acquisition provides an excellent growth opportunity to Leader Mining by offering a short-term production scenario and excellent exploration potential within a large copper - gold - silver mineralization system in one of the prime copper mining camps in B.C. The initial objectives are to: * Position the re-start of operations to coincide with projected up swing in Copper demand in late 2000 and 2001. * Re-engineer operations, and apply larger more efficient mining and milling technologies, to re-start open pit mining to produce in the order of 80 million pounds of Copper per year. * Define new resources, which may be exploited by open-pit and underground mining to augment the existing open pit mine production. The potential to discover additional mineable resources is excellent. Several Copper mining operators have expressed interest in developing the Similco Project. The exploration potential for additional open pit and underground resources is high, in view of certain deep intercepts, such as: * Below the bottom of the Pit # 3 expansion, an intercept of 100 feet @ 3.38% Cu. * Below the Ingerbelle Pit, a intercept returned 156 feet @ 1.25% Cu. and near surface intercepts such as: * Alabama/Oronaco area western most step-out drill hole returned 260 feet @ 0.42 % Cu., and drill hole 96A-37 returned 125 feet @ 0.55% Cu and 0.239 g/t Au. In addition, the 2880 hectare Invermay Property (formerly called Giant Copper Property) which is located 50 Km west of the Similco Mine, contains an open pit resource of 41.2 million tonnes grading 0.47% copper, 0.38 gpt gold, and 11.2 gpt silver. Leader believes the property offers potential for delineating a higher-grade resources which can be processed at the Similco concentrator. In addition, numerous known copper prospects over 75 Sq. Km around the Similco Mine will be systematically explored to discovering new copper deposits in the area. Consideration for the purchase of Similco Mines Ltd. and Invermay Property is: 1. Payment of Can. $3 million over 18 months 2. 1% NSR to Imperial Metals 3. Warrants to Imperial Metals to Purchase 1 million common shares of Leader Mining @ Can. $1.00/ share for 24 months. The CDNX has neither approved nor disapproved of the information contained herein. FOR FURTHER INFORMATION PLEASE CONTACT: MR. JASI NIKHANJ AT: Tel: (403) 234-7501 Fax: (403) 234-7504 E-mail: gen-info@leadermining.com Website: www.leadermining.com STAN KAMINSKY AT: DUPONT SECURITIES GROUP, INC., USA (212) 422-0416