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Gold/Mining/Energy : Northern Abitibi Mining (NAI-ASE) -- Ignore unavailable to you. Want to Upgrade?

To: Ed Pakstas who wrote (312)	2/27/1998 4:32:00 PM
From: Ed Pakstas	Respond to of 773

Year end results Northern Abitibi Mining Corp NAI Shares issued 22,799,405 Feb 26 close $1.81 Fri 27 Feb 98 Company Review Mr Glen Harper reviews the company During 1997 the company concentrated its exploration activities on its base metals prospects in Labrador and its effort to acquire and explore diamond and gold properties in Guinea, West Africa. Only property maintenance work was conducted on the company's portfolio of gold and base metals projects in Quebec. The highlight is the progress that has been made on the South Voisey's Bay project in Labrador. Donner Minerals has earned its 50% interest in 358 claims optioned from Northern Abitibi and has completed a successful 1997 exploration program. This exploration program was operated by Teck Exploration and has resulted in three initial discovery holes which indicate significant grades of nickel, copper and cobalt over varying thicknesses. An aggressive diamond drilling program will be designed to begin the evaluation of these discoveries in the spring of 1998. In late 1996 Northern Abitibi entered into a business relationship with International Mining SA, a Guinean company that was test mining an alluvial diamond mining concession near Kerouane. An option and joint venture agreement was negotiated wherein Northern Abitibi would finance up to US$1,650,000 to earn up to a 50% interest in the project. In April IMC attempted to unilaterally cancel this option and joint venture deal with Northern Abitibi and then announced a much more lucrative business relationship with Hymex Diamond, a VSE listed company. As a result Northern Abitibi began legal action against IMC to enforce its contract and for damages from IMC and Hymex. Late in the fiscal year a business solution to the dispute was negotiated. Subject to the approval of the regulatory authorities Northern Abitibi will be reimbursed for its expenditures under the option agreement with IMC and will receive 500,000 common shares of Hymex Diamond. Northern Abitibi will continue to investigate Guinea for diamond and gold properties of merit. In October Northern Abitibi announced that its parent company Golden Rule Resources would subscribe for a private placement consisting of 2,800,000 units at $0.72 per unit. The proceeds will be used to finance the company's 1998 exploration program and budget at South Voisey's Bay. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com