To: Ed Pakstas who wrote (518 ) 1/21/1998 12:45:00 PM From: Wayne J. Read Replies (1) | Respond to of 783
Good Day! "CBM" Cambridge Minerals issued another news/press release today! In my own opinion I like the stated potential working relationship/partnership with New Claymore! Time will tell what shareholder value this brings! <Picture: Carlson On-line Services> <Picture: version francaise><Picture: Research a Company><Picture: Company Headlines><Picture: Investment Links><Picture: About Carlson On-line Services><Picture: Help> <Picture: Research Canadian Companies> ÿCanadian Company Press Releaseÿ CBMÿÿ1998-01-20 ÿÿ(provided courtesy of ISDN Wire Service) CAMBRIDGE MINERALS REACHES AGREEMENT IN PRINCIPLE WITH NEW CLAYMORE RESOURCES VANCOUVER, B.C.-- CBM #98-2 U.S. 12g #82-4669 Cambridge Minerals Ltd. ("Cambridge" or "the Company") is pleased to report that it has reached an agreement in principle with New Claymore Resources Ltd. ("New Claymore") whereby Cambridge has a n option to earn a 50% undivided interest in the Cadotte River Prospect, comprising approximately 138,000 acres, by making a cash payment to New Claymore on signing of $50,000; a cash payment of $50,000 on closing, subject to ASE approval; a further cash payment of $50,000, on or before January 31, 1999; and issuing 250,000 common shares and 250,000 common share purchase warrants on closing, subject to ASE approval. Each warrant entitles the holder thereof to purchase one common share of Cambridge for $0.30 per share for one year from the closing. Cambridge must also incur exploration expenditures on the property of $1.50 per acre on or before January 31, 1999 and an additional $2.50 per acre on or before January 31, 2000. Subsequent to New Claymore completing an airborne survey on the property, all additional exploration expenditures will be funded equally by both companies. The Cadotte River Prospect is located in the Buffalo Head Craton and is adjacent to the core group of permits held by Ashton Mining of Canada Inc., Pure Gold Minerals Inc. and Alberta Energy Company Ltd. Under a separate agreement with Cambridge, New Claymore may earn a 25% undivided interest in the Calder Lake Prospect, comprising approximately 300,000 acres, by making a cash payment to Cambridge on signing of $100,000; incurring jointly with Cambridge exploration expenditures of approximately $234,000 by October 17, 1998 and $684,000 (cumulative) by October 17, 1999; and undertaking certain other obligations jointly with Cambridge. The exploration expenditures are to be funded equally by the Company and New Claymore upon completion by Cambridge of an airborne survey. CAMBRIDGE MINERALS LTD. signed "R.G. McMorran" Robert G. McMorran, C.A. President For further information please contact: Jackie Muirhead - Manager, Investor Relations Tel: (604) 688-2321 Fax: (604) 684-0642 Toll free: 1-888-303-3232 e-mail: info@cambridgeminerals.com The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein. ÿ Disclaimer: The information provided is from sources we believe to be reliable and complete, but Carlson On-line Services, its employees, directors, agents and associates cannot be held liable in any manner for the content, errors or omissions of the information provided through this service. We are not responsible for the use of this information. Further, this site is for informational purposes only and does not represent an invitation to purchase or trade shares. This is not a complete service. Other resources may be available on the Internet that also have relevant company information. c Copyright Carlson On-line Services Inc, 1996 & 1997. All rights reserved