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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Arnie who wrote (7894)	12/12/1997 3:49:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Joint venture Agreement For U.S. Exploration LEXAM ENTERS INTO JOINT EXPLORATION AGREEMENT FOR SAN LUIS BASIN OIL & GAS PROJECT TORONTO, Dec. 12 /CNW/ - LEXAM EXPLORATIONS INC. (ME: LEX) is pleased to announce that it has completed a Joint Exploration Agreement with a large U.S. based independent energy company. The Agreement relates to Lexam's U.S. oil and gas properties located in the San Luis Basin of southern Colorado. Key provisions of the Agreement provide for the U.S. company to earn a 50% interest in the 150,000 acres of Lexam's holdings by conducting a seismic analysis over a portion of the properties and by drilling and completing two wells. To earn an interest in the properties, both wells must be spudded within 18 months. The Agreement designates an area of mutual interest covering the most prospective zones of the basin. Lexam and the U.S. company will have an equal share in the additional properties acquired in and around the designated area. Previous exploration programs carried out by Lexam in 1992 and 1993 were targeted at gold mineralization in the historic Crestone Mining District. During the course of those programs, strong shows of oil were discovered in 27 of 42 shallow drill holes together with the first known occurrences of petroleum source and reservoir rocks in the basin. Lexam then began an extensive oil exploration program including the evaluation of drill samples, oil shows, palynology, oil typing and seismic data. Results from the Lexam programs carried out in 1995 and 1996 indicate the San Luis Basin contains a preserved package of favourable source and reservoir rocks at depths of 7,000 to 17,000 feet. A 35-mile 2D seismic program has been designated and permitted. The seismic program is scheduled to commence this month. Results from that program will be available in early spring of 1998. Lexam is in the business of exploration for gold, silver, base metals, coal and oil and gas in Western Canada and the United States and diamonds in Greenland. The Company controls, or holds, exploration leases on approximately 625,000 acres.

To: Arnie who wrote (7894)	12/12/1997 4:04:00 PM
From: Kerm Yerman	Respond to of 15196

FINANCING / Temba Resouirces Private Placement TEMBA RESOURCES LTD. ANNOUNCES CLOSING OF PRIVATE PLACEMENT 1997-12-12 CALGARY, ALBERTA Temba Resources Ltd. ("Temba" or the "Company") is pleased to report that a private placement financing of 2,007 units comprised of Common Shares plus Warrants has closed effective December 10, 1997. Each unit, consisting of 500 Common Shares plus 125 Warrants, was priced at $175 per unit. At closing, an aggregate of 1,003,500 Common Shares plus 250,875 Warrants were issued for gross proceeds totaling $351,225. Each warrant entitles the holder to purchase one Common Share of Temba at an exercise price of $0.45 per share for a period ending 12 months from this closing. In connection with this financing, an additional 100,350 agent's warrants were issued to C.M. Oliver & Company Limited at an exercise price of $0.35 per share for a period of 18 months. The net proceeds of approximately $320,000 are to be used, together with debt financing, to complete the 400 BOEPD oil-and-gas-property acquisition previously announced by the Company in September, 1997. In connection with this acquisition, Temba is pleased to report that all due diligence activities have been completed and are favorable. Financing is now in place and a formal closing on the transaction has been scheduled for December 22, 1997. With regard to a separate acquisition opportunity, Temba also wishes to report all update to a Letter of Intent announced October 28, 1997 to acquire approximately 70 BOEPD of oil and gas interests in the Sounding Lake Area of Alberta. The Company's due diligence, examination of these assets has resulted in the Company terminating this potential transaction. The Company is currently proceeding with the integration of the oil and gas properties recently purchased from Rainee Resources Ltd.