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Gold/Mining/Energy : Zappa Resources ZPA vancouver -- Ignore unavailable to you. Want to Upgrade?

To: dean poets who wrote (246)	1/26/1998 10:11:00 PM
From: gmweber	Respond to of 3198

Dean Poets This would explain $20million. On the other hand 2 or 3 million for drilling at La Plata would go a long way. A little PR wouldn't hurt either. Formal agreement executed for the Cerro San Pedro project, Mexico Cambior Inc CBJ Shares issued 60,139,727 Jan 23 close $8.45 Mon 26 Jan 98 News Release Also Metallica Resources Inc (MR) Mr Geoffrey King of Cambior reports Cambior and Metallica Resources have signed a formal stock acquisition and shareholders' agreement for the development of the Cerro San Pedro gold-silver project in San Luis Potosi, Mexico. A preliminary joint venture agreement between the two companies was first announced in Stockwatch November 24 1997. The project is currently 100% owned by Metallica's wholly owned Mexican subsidiary, Minera San Xavier S.A. de C.V. (MSX). Cambior is the project manager and has the right to acquire a 50% equity interest in MSX by investing $20 million in project development expenditures. In addition, Cambior will provide project loan facilities for development of the project up to $60 million to MSX and a gold and/or silver hedging facility up to a maximum of 150,000 oz of gold. Cambior has also subscribed to a total of 2.0 million common shares of Metallica; 1.0 million shares were purchased with cash at $2.60 per share and 1.0 million Metallica shares were exchanged for 199,644 shares of Cambior. MSX has already embarked on a first-half 1998 program of continued project development and construction totalling approximately $10 million. Included within this budgeted program are such items as the purchase of a used crushing facility which meets the operating requirements of the proposed mine at Cerro San Pedro, establishment of the construction management team in San Luis Potosi, construction of new housing for the relocation of local residents and continued technical evaluations to optimize project economics. WARNING: The company relies on litigation protection for "forward-looking" statements. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com regards gmweber