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Gold/Mining/Energy : Major General--MGJ -- Ignore unavailable to you. Want to Upgrade?

To: david who wrote (1656)	3/13/2002 10:55:41 AM
From: VAUGHN	Respond to of 1707

Hello David *NR* Tuesday March 12, 12:23 pm Eastern Time Press Release SOURCE: Major General Resources Ltd. Major General announces name change to Commander and subsidiary to become Diamonds North Trading Symbol (CDNX-MGJ) Shares Issued: 51,946,495 VANCOUVER, March 12 /CNW/ - Major General Resources Ltd. announced today the company will seek shareholder approval to change the company's name to Commander Resources Ltd. following a planned corporate restructuring. In addition, the company announced the new name of its subsidiary will be Diamonds North Resources Ltd. and its shares will trade on the CDNX. The move follows a recent announcement of the restructuring, creating two new entities: one to focus on diamond assets in Nunavut and the Northwest Territories (Diamonds North); the other (Commander) to develop gold and base metal mineral projects across Canada. Shareholders of the existing Major General will receive one Commander share for three Major General shares and, in addition, one Diamond North share for every three and one-half Commander shares. Major General (Commander) will retain a 9.9% equity position in the diamond company, plus up to a 2% royalty on production. Approval from shareholders will be sought at Major General's Extraordinary General meeting on April 12, 2002. Major General (Commander) recently completed a private placement totalling $1 million (CDN) (6,666,667 units at $0.15 per unit). A proposed prospectus offering of Diamonds North shares is planned for up to $1.5 million (CDN) (3,000,000 units at $0.50 per unit). Following consolidation and financing, shares outstanding will be: Major General (Commander) 17,315,498; Diamonds North 8,937,285. Major General shares currently trade on the CDNX (Senior Board) MGJ. William J. Coulter President Regards Vaughn