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Gold/Mining/Energy : Solv Ex (SOLVD) -- Ignore unavailable to you. Want to Upgrade?

To: bettino who wrote (5486)	3/26/1998 9:18:00 PM
From: trenzich	Read Replies (1) \| Respond to of 6735

UTS Buys Solv-Ex's 12 Percent Working Interest in Alberta Oil Sands Assets TORONTO--(BUSINESS WIRE)--March 26, 1998--United Tri-Star Resources Ltd. (TSE:UTS.) Pursuant to the previously announced agreement of February 11, 1998, United Tri-Star Resources Ltd. ("UTS") announced today that it has closed into escrow an agreement with Solv-Ex Corporation, Solv-Ex Canada Limited and Solv-Ex Canada Limited Partnership (collectively, "Solv-Ex") to acquire from Solv-Ex its 12 percent working interest in assets and interests, principally Alberta oil sands leases and related technologies. Solv-Ex is presently involved in a restructuring under the Companies Creditors Arrangement Act (Canada) and under Chapter 11 of the Bankruptcy Code in the United States. As part of the restructuring proceedings, Solv-Ex and UTS have closed into escrow an agreement with Koch Oil Sands Limited Partnership ("Koch"), pursuant to which Koch will acquire a 78 percent working interest in those assets. UTS has previously announced that pursuant to that agreement it would retain a 10 percent working interest in those assets, plus Solv-Ex's 12 percent for an aggregate of a 22 percent working interest in those assets. UTS has also acquired from Solv-Ex certain participation rights with respect to metal extraction technologies and hydrocarbon extraction technologies developed by Solv-Ex. The consideration payable to Solv-Ex will be 5,000,000 common shares of UTS and a cash payment of Cdn. $4.4 million. The transaction with Solv-Ex is subject to the receipt of necessary Court approval in the United States and Canada. Along with its interest in the Athabasca oil sands project, UTS also maintains a 31 percent interest in International Reef Resources Ltd, which is actively pursuing development of Coal Oil Agglomeration projects in the United States. As well, UTS holds a 36 percent interest in Tri-Star Gold Corporation which has one of the largest mineral property holdings in the Ghanaian gold belts of West Africa.