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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: austrieconomist who wrote (21514)	10/1/2003 10:39:06 AM
From: jrhana	Respond to of 39344

I just positioned myself in PDG @13.46 must be 8 years since I last owned that stock mips1.net

To: austrieconomist who wrote (21514)	10/1/2003 11:46:52 AM
From: austrieconomist	Read Replies (1) \| Respond to of 39344

CBR joint venture with Gold Fields. Seems a bit much is being farmed out to Gold Fields, as much as 75% depending upon expenditures by Gold Fields (to bankable feasibility study). Anyone look at it differently? Stock price is not taking it badly. <Committee Bay, Gold Fields enter option agreement Committee Bay Resources Ltd CBR Shares issued 14,388,258 Sep 30 close $1.25 Wed 1 Oct 2003 News Release Mr. John Williamson reports COMMITTEE BAY RETAINS DIAMOND RIGHTS, FINALIZES GOLD FIELDS OPTION Committee Bay has finalized and entered into an option agreement with Gold Fields Exploration BV, a wholly owned subsidiary of Gold Fields Limited. Effective April 1, 2003, the agreement has been concluded pursuant to the terms of an arm's-length letter of intent between CBR and Gold Fields announced Feb. 12, 2003. Under the letter of intent Gold Fields was to invest directly in CBR thereby acquiring the right to earn a controlling interest in an area of mutual interest within the Committee Bay greenstone belt by meeting annual and total spending commitments. Since executing the letter of intent, Gold Fields has completed its due diligence; purchased a total of 1,333,333 common shares with full warrants in CBR private placements; and financed an exploration program of $1.3-million during 2003, which was carried out by CBR and yielded a high-grade gold discovery. Under the terms of the agreement, Gold Fields may earn a controlling interest in the project by spending at least $1-million (U.S.) in each of the remaining years of the agreement, with vesting in three successive stages: at 55 per cent upon spending a total of $5-million (U.S.); at 65 per cent upon spending an additional $5-million (U.S.); and at 75 per cent upon financing completion of a bankable feasibility study. If Gold Fields fails to meet its annual or total spending commitments before vesting at 55 per cent, the agreement will be terminated with Gold Fields having earned no interest. Pro-forma joint venture and diamond royalty agreements were developed as appendices to the agreement. Gold Fields may elect to establish the joint venture at either the first or second stage of the earn-in. Concurrent with the joint venture being formed, CBR and Gold Fields will enter a diamond royalty agreement whereby Committee Bay shall retain the exclusive (100-per-cent) right to explore for and exploit of the diamond deposits within the Area of Mutual Interest, subject to a 1-per-cent royalty payable to Gold Fields on the sale of diamonds. The Committee Bay greenstone belt is believed to represent one of the largest unexplored greenstone belts in North America with excellent gold and diamond potential. Drilling in 2003 identified a new, high-grade gold discovery that is open along strike and at depth. Aggressive fieldwork throughout the belt continues to enhance the potential of finding other significant gold deposits. CBR is the largest landholder with approximately 500,000 acres of land with prospective geology in the Committee Bay area, which is west of Melville Peninsula, Nunavut, and will form the area of mutual interest for the joint venture. (c) Copyright 2003 Canjex Publishing Ltd. stockwatch.com>