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Gold/Mining/Energy : Diamonds in Alberta, Ashton, Pure Gold, Montello, New Cla -- Ignore unavailable to you. Want to Upgrade?

To: Famularo who wrote (578)	4/11/1998 6:14:00 PM
From: Jesse	Read Replies (1) \| Respond to of 822

Looks like Ellesmere is getting serious about Alberta too: Ellesmere Minerals Ltd - Interest in Boys from the Hall block to be acquired ELM's Website: elmminerals.com Ellesmere Minerals Ltd -- ELM Shares issued 3087300 1998-03-31 close $0.22 Wednesday Apr 8 1998 Mr John Williamson reports Ellesmere Minerals has signed a letter of intent with Grizzly Gold, an arm's length private company, to acquire an 85% interest in the 550,000 acre Boys from the Hall block in southwest Alberta. Under the terms of the letter of intent, Ellesmere can earn an undivided 85% interest by making cash payments totalling $165,000 over two years and issuing 200,000 common shares. In addition, Ellesmere must perform exploration work for assessment on or to the benefit of the property in the amount of $2 per acre prior to April 2000. Ellesmere considers the Boys from the Hall block a prospect for diamond bearing diatremes due to numerous favorable geological characteristics which include: i) the property is in close proximity to a known diamondiferous diatreme, 100km to the southwest; ii) diamondiferous diatremes elsewhere in Canada and the world occur over large areas of 200km by 150km (Slave Craton, NWT); iii) the property is underlain by thick crust of 45km or greater, which is thought to be a favourable prerequisite for diamond formation and preservation; iv) the block is underlain by several large scale structures and gravity lows; v) the area is underlain by Cretaceous to Tertiary sedimentary cover similar in age and setting to that which exists within the Buffalo Head Terrain; and vi) government and industry have discovered important diamond indicator minerals on the property. At present, Apex Geoscience is reviewing selected geophysical data including airborne geophysics and seismic profiles, in conjunction with public and proprietary sample data to prioritize targets at each of Ellesmere's Thickwood Hills, Boys in the Hall and Pelican Mountains blocks. Ellesmere expects to release the results of this work by about mid-May. Several of the properties are in areas of moderate relief and may be amenable to late spring/early summer drilling programs. Ellesmere and Redbird Gold have mutually agreed to terminate the proposed transaction announced in Stockwatch on February 23 1998 in respect of the three mineral claim blocks in northern Alberta due to Redbird's inability to secure satisfactory funding to finance the acquisition of its interest. Subject to regulatory approval, the company will issue 360,000 units pursuant to the initial closing of the proposed private placement. Each unit was priced at $0.29 and is comprised of one flow-through common share and one warrant, exercisable within three years, to acquire a common share at $0.40 per share. Ellesmere has received conditional approval from the ASE to amend the exercise price of the options previously granted to certain directors, officers and consultants to acquire 230,000 common shares from $0.60 to $0.24 per share. The options will expire on May 28 2002. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com