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Gold/Mining/Energy : Kalahari Resources Makes Major Move Upwords -- Ignore unavailable to you. Want to Upgrade?

To: tatqiq who wrote (183)	2/6/1998 5:57:00 PM
From: Sergio R. Mejia	Read Replies (2) \| Respond to of 349

Kalahari Resources Inc - News Release Mexican mineral concessions to be acquired Kalahari Resources Inc KLA Shares issued 29,473,251 Feb 5 close $0.90 Fri 6 Feb 98 News Release See Global Mineral and Chemical Ltd (GCO) News Release Mr George Heard of Global Mineral reports Global has entered into an option to purchase agreement to acquire a 50% interest in the Caldera III A & B mineral concessions near Pinos, Zacatecas State, Mexico. Geomex Canada S.A. de C.V. is the recorded owner of the claims and holds title to the claims on behalf of Caldera. Geomex/Caldera have spent in the order of US$200,000 on acquisition and exploration in the Pinos Camp. The concession covers approximately 4,427 acres and was originally staked in 1994. The concession is 50km to the southeast of the recent San Nicholas massive sulphide discovery made by the El Salvador joint venture (Teck Corp/Western Copper Holdings) and less than 35km southeast of the Real De Angeles silver-lead-zinc mine. The Caldera concession is less than 5km north of the Pinos mining district where at least 1.0 million ounces of gold have been produced. Real De Angles produced over 8.1 million ounces of silver in 1992 at a cash production cost of US$2.68/oz. Because the Caldera mineral concession lies within the same geologic belt of silver-lead-zinc gold mineralization, Global believes this concession has the potential to host bulk tonnage silver-lead-zinc-gold and/or high grade silver-gold vein type mineralization. The other 50% of the concession is being acquired by Kalahari Resources. To earn its 50% interest in the option agreement, Global will: 1. Pay US$3,750 to Caldera upon signing of the agreement and an additional US$15,000 five days following ASE approval; 2. Issue to Caldera 400,000 shares of Global from treasury subject to ASE approval and conditions; 3. Pay to Caldera Gold semi-annual payments of $7,500 with all payments beginning with that due in month 30 recoupable from the net smelter return; 4. A 4% nsr has been retained by Caldera Gold based on 100% of the property, with 2% of this royalty for sale at US$1,000,000 per point. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com