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Gold/Mining/Energy : L S Capital / Griffin Gold (OTC:BB CHIP) -- Ignore unavailable to you. Want to Upgrade?

To: Ed Lamb who wrote (2441)	12/9/1997 2:04:00 PM
From: Jack Sman	Read Replies (3) \| Respond to of 3594

I don't follow this thread but thought ya'll might want to see this if you haven't already. ~ Jack HOUSTON, Dec. 9 /PRNewswire/ -- LS Capital Corporation (OTC Bulletin Board: CHIP) announced today that it has filed a registration statement Form SB-2 with the U.S. Securities and Exchange Commission (SEC) for its majority-owned subsidiary Griffin Gold Group, Inc. Once the registration statement is declared effective, the Company intends to distribute shares of Griffin common stock to each LS Capital shareholder at the ratio of one Griffin share for every ten LS Capital shares. Formed in November 1996, Griffin was the first of the Company's subsidiaries to begin microfine gold exploration in the Mojave. Griffin has 24 mining leases on precious metal claims with 1,600 acres near Tecopa, California and 1,920 acres just east of Barstow, California. Paul J. Montle, president and chief executive officer of LS Capital, commented, "Through the filing of the Form SB-2, we continue our efforts to maximize shareholder value and further improve our balance sheet. The spin-off of Griffin will allow LS Capital to maintain a majority ownership while gaining the additional capital necessary for the execution of expansion plans with only one round of equity financing and minimal dilution to existing shareholders." Montle went on to explain, "We plan to follow suit and spin-off a portion of Desert Minerals and Shoshone Mining public in the near future. By establishing Griffin as a separate entity, we have taken the first major step in our corporate evolution as a leader in the precious metal industry." LS Capital Corporation is a holding company with four junior exploration subsidiaries. Griffin Gold Group, Shoshone Mining Co. are currently working in conjunction with Desert Minerals, Inc. to develop a proprietary microfine precious metal extraction process. The Cochise Mining Corp. subsidiary plans to conduct placer mining operations on an alluvial deposit in southeastern Arizona. The subsidiaries' objective is to take head ore containing gold particles and extract, process, and produce economic quantities of gold and other precious metals. LS Capital continues to strategically pursue the acquisition of additional key license areas in the southeastern desert playas of California. Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, commodity prices of precious metals, increased levels of competition for the Company, perfection of extraction technology, the Company's dependency upon third-party suppliers, intellectual property rights and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. The Company assumes no obligation to update the information in this release. /CONTACT: Mario "Ike" Iacoviello of OTC Financial Network, 888-356-2387 or 619-487-5583 or Fax: 619-487-7041 or Email: ike@otcfn.com or Paul Montle of LS Capital Corp., 281-398-5588, Fax: 281-398-5838/ * end of story *