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Gold/Mining/Energy : PUG-TSE Anyone know whats happening with this stock? -- Ignore unavailable to you. Want to Upgrade?

To: violetta martinez who wrote (67)	11/18/1997 2:38:00 PM
From: violetta martinez	Read Replies (2) \| Respond to of 71

Here's another article that was never posted here, I believe. Sure wish PUG?Cayo would finish their paperwork and play catch-up to Ashton! Thursday October 30 1:45 PM EST Company Press Release Caribgold Seeks Stake in Pure Gold and Reclamation's Sweetgrass Arch Property, Southern Alberta VANCOUVER, Brisith Columbia--(BUSINESS WIRE)--Oct. 30, 1997-- Pure Gold Resources(TSE PUG. ) Donald R. Sheldon, President of Pure Gold Resources Inc., is pleased to announce that the Company has entered into an option agreement with CaribGold Resources Inc. (TSE-CG) on the Lethbridge Property, an area totalling 1.4 million hectares situated in southern Alberta. The Lethbridge Property covers the north-northeast trending Sweetgrass Arch one of the two oldest arches in Alberta, the other being the Peace River Arch where Ashton Mining of Canada and Pure Gold have discovered a number of important diamondiferous kimberlites. Both arches intersect Archean Cratons, the Buffalo Head and the Hearne Province cratons. Mr. Wilf Jones, Diamond Consultant to Pure Gold, believes that the potential of locating clusters of unexplored kimberlitic intrusions associated with splay faults close to the hinge zone of the Sweetgrass Arch is high. Past exploratory work south of the Lethbridge block has uncovered seven intrusive bodies proximal to the hinge zone. The best documented intrusion is the Black Butte pipe which reportedly recovered one micro-diamond from a surface trench sample. The Company has recently begun a detailed high resolution magnetic survey covering a wide area straddling the hinge zone of the Sweetgrass Arch. It is anticipated that the survey will take approximately 4 weeks to complete. The Property is currently held 75 percent by the amalgamated Pure Gold and Cayo Resources (see news release dated October 24, 1997) and 25 percent Reclamation. As a first option, CaribGold can earn a 25 percent undivided interest pro rata from Pure Gold and Reclamation. To exercise its option, CaribGold will make a cash payment of $125,000 on signing and another payment of $125,000 before the first anniversary of the Agreement and spend $1,000,000 on exploration expenditures within the first two years of the option. A minimum of $500,000 will be spent in the first six months. By spending an additional $2,000,000 by the fourth anniversary of the Agreement and issuing 100,000 shares CaribGold can earn an additional 15 percent interest in the property. The Property is subject to a 2 percent GOR and 2 percent NSR in favor of the staker. This agreement is subject to regulatory approval. On behalf of Pure Gold Resources Inc. Donald R. Sheldon, President