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Gold/Mining/Energy : International Canalaska (V.ICA) -- Ignore unavailable to you. Want to Upgrade?

To: alan von weiler who wrote (644)	12/12/1997 8:18:00 PM
From: alan von weiler	Read Replies (1) \| Respond to of 891

Hi To All: Latest News Release............ Canada Stockwatch International Canalaska Resources Ltd - Private placement; base metals project acquired International Canalaska Resources Ltd ICA Shares issued 17357793 1997-12-12 close $0.36 Friday Dec 12 1997 Mr Harry Barr reports The company has entered into an agreement in principle, subject to final documentation, for a private placement of up to 1,000,000 units at $0.35. Each unit consists of one low-through share and one warrant, each whole warrant entitling the holder to urchase a non flow-through share at $0.45 during the first year and at $0.55 during the second year. The proceeds will be used to finance Canadian exploration in Timmins, Ontario and Labrador, Newfoundland. Mr Barr also reports CanAlaska has entered into an option agreement to purchase 206 claim units in Black and Lee townships in the Timmins district of Ontario, one of the most prolific base metal and gold producing regions of Canada. The Timmins-Blackrock project is underlain in part by a sequence of felsic volcanic rocks, which trend northeast and parallel the east margin of the Watabeag Batholith. These felsic volcanics may occur in a comparable setting to those on the west side of the batholith which are known to host massive sulphide base metals mineralization. Phase one work on the Timmins-Blackrock base metal project, comprised of airborne and ground geophysical surveys, will be followed by induced polarization surveys to delineate drill targets. CanAlaska is currently completing a budget for an aggressive exploration program starting early in January 1998. Timmins-Blackrock is the third recent acquisition by CanAlaska of base metal projects in the Timmins district. Terms of the CanAlaska purchase, which is subject to a completion of due diligence, include staged cash payments totalling $105,000 over three years and a staged issuance of a total of 100,000 CanAlaska shares to the vendors, who will retain a 3% net smelter royalty from future commercial production from the property, subject to CanAlaska having a 2% buyback right and right of first refusal on the remaining 1%. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com Any Comments??? Anyone??