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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime -- Ignore unavailable to you. Want to Upgrade?

To: John BOYCE who wrote (61382)	12/31/2002 2:36:39 PM
From: bigbuk	Respond to of 62348

BPN new 5 yr highs same crew as CLH gottta luv it !!

To: John BOYCE who wrote (61382)	12/31/2002 2:39:02 PM
From: bigbuk	Respond to of 62348

keep an eye on this one too GOLD in de hills Southern Star changes symbol to SSR on Dec. 31 Southern Star Resources Inc YSO Shares issued 18,089,107 Dec 30 close $0.27 Mon 30 Dec 2002 News Release Mr. John Tait reports SOUTHERN STAR MOVES TO TIER 2 UNDER SYMPBOL SSR, COMPLETES $5 ... Southern Star Resources expects to commence trading on Tier 2 of the TSX Venture Exchange under the symbol "SSR" at the opening of business on Dec. 31, 2002. In addition, the company has appointed David Constable to its board of directors. Mr. Constable has an honours BSc geology degree from Mount Allison University and an MBA from Laurentian University. Presently, Mr. Constable, who is a professional engineer, is vice-president investor relations and corporate affairs with FNX Mining Company Inc., a position he accepted after his former employer, Normandy Mining Limited, was acquired by Newmont Mining in the spring of 2002. The entire board consists of John Tait, Chris Irwin, Clark Tatton and David Constable. The company also has closed in escrow a non-brokered private placement to raise gross proceeds of $550,000. Upon release of the escrow (expected Dec. 31, 2002), the company will issue 5.5 million common shares and 2.75 million share purchase warrants. A total of 4.4 million of the common shares are flow-through shares. Each full share purchase warrant entitles the holder to acquire one additional share at a price of 15 cents until Dec. 31, 2003. The proceeds are being used to start the company's full sequence exploration program on the Gold Eagle Lake mine property, located in Red Lake, Ont., and for working capital. In exchange for backing the financing, Northfield Capital Corporation (TSX-V: YFD.A) will receive 350,000 common share purchase warrants exercisable at 15 cents per share until Dec. 31, 2004. Southern Star also has received all necessary approvals to issue one million common shares to complete the first option payment required to earn a 50-per-cent interest in the Gold Eagle Mine property from its 100 per cent owner, Exall Resources Limited (TSE: EXL). To earn its 50-per-cent interest, Southern Star must make cash payments totalling $160,000 and issue three million common shares over a three-year period. In addition, Southern Star has agreed to incur exploration expenditures totalling $2-million over a three-year period. Southern Star will initiate a full-sequence exploration program on the property immediately upon receipt of exchange approvals and execution of definitive documents. The property consists of 35 patented claims totalling 726.1 hectares (1,793.5 acres) in the heart of the Red Lake camp. The Gold Eagle mine produced approximately 40,000 ounces of gold from the Gold Eagle vein system using a shaft and winze on eight levels to a depth of 305 metres. The mine operated from 1937 to 1941. Since operations ceased, no significant exploration program has been undertaken on the property. With large formerly producing mines on two sides of the property near the northern boundary, the property is exceptionally well located. For example, the McKenzie Red Lake mine on Gold Eagle's northern boundary produced 651,156 ounces and the Cochenour Willans mine on the eastern boundary produced 1.24 million ounces at a grade of 18.5 grams of gold per tonne. There are no royalties on the subject property. In connection with entering into the option, the company is also issuing a finder's fee of 125,000 common shares and 250,000 share purchase warrants exercisable at 15 cents until Dec. 31, 2004. The issue of all of the securities in connection with the acquisition of the option on the property will occur concurrently with the release from the escrow of the private placement. Upon the release from escrow the company will have issued 18,089,107 shares with a total of 5.35 million convertible securities for a fully diluted total of 23,439,107. The company further announces it has closed in escrow the issue of 315,000 common shares to two arm's-length creditors to settle debts of $31,500. The escrow will be released concurrently with release of the escrow on the private placement. All of the securities to be issued in connection with the private placement, the property option and the debt settlement have a hold period expiring four months and one day after the date of issue. (c) Copyright 2002 Canjex Publishing Ltd. stockwatch.com