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Gold/Mining/Energy : Golden Arch Resources---GAI.V -- Ignore unavailable to you. Want to Upgrade?

To: maxed who wrote (257)	3/5/1998 6:52:00 PM
From: Fred Benjamin	Read Replies (1) \| Respond to of 359

Here is the news release Golden Arch Resources Ltd GAI Shares issued 17,280,859 Mar 3 close $0.10 Wed 4 Mar 98 News Release See Roper Resources Inc (RRN) News Release Mr Richard Watson reports Roper Resources and its joint venture partners have retained Charles Lammle to undertake an engineering review of the geological, geophysical surface and drill hole sampling on the Abbott project. The purposes of the work underway is to enable visualizing projections of the known zones of mineralization as well as the extents of the surface and drill hole sampling to date. Drill hole collar survey and down the hole assay data is presently being compiled. 3D models of adits and surface topography are underway. Results of the work will be published when received by the company. Subject to financing, the continuation of a surface underground and exploration development program is planned for 1998. Negotiations for financing are underway. Though the company did not provide any monies in 1997 towards its earn in requirement on the Abbott property an extension was negotiated and granted. The earn in requirement was increased. The present earn in requirement is that Roper will expend $2,000,000 to earn a 50% interest in the Abbott property. Silver Peak Resources (70%) and Golden Arch Resources (30%) presently own the Abbott property. Roper Resources and the co-venture partners are related. The company has been notified that the ASE has some concerns about the company's ability to meet continued listing requirements. The company has been given a deadline of March 31 1998 to evidence certain requirements, failing which trading in the shares of the company will be suspended. The company has been requested to clarify the use of proceeds of a private placement announced in Stockwatch on April 19 1996. The proceeds of the financing were initially intended for work on the Abbott project. Due to permitting and then weather constraints the Abbott project did not proceed as intended in 1996. The proceeds of the financing were received by the company in early 1997 and were used to retire existing debt to related parties.