Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : RIO Amarillo Mining - Ready to go ? -- Ignore unavailable to you. Want to Upgrade?

To: SirVinny who wrote (75)	5/23/1998 4:43:00 PM
From: kidl	Respond to of 90

That's the latest I saw: Friday May 8 1998 Mr. James Wright reports Randall Powell has resigned as a director of the company. Mr. Powell, who has been a director since December 1993, now resides in Melbourne and is committed to his work in Australia. Rio has been unable to negotiate an extension to its option agreement for the Aija concession in Peru and has terminated the option. Rio was unwilling to continue making significant monthly and annual option payments to maintain its interest in the concessions. However, Rio continues to hold a concession covering the western section of the Aija property. Rio is in discussions to raise additional financing for the company to add value to an enlarged asset base for the company. Doesn't look pretty! But looking on the "bright" side, I do think James is not about to give up.

To: SirVinny who wrote (75)	6/30/1998 10:44:00 PM
From: kidl	Read Replies (1) \| Respond to of 90

African property agreement Rio Amarillo Mining Ltd RIO Shares issued 14,488,125 Jun 30 close $0.03 Tue 30 Jun 98 News Release Also Mandorin Goldfields Inc (MGD) Mr. James Wright reports Rio Amarillo has entered into a letter of intent with Mandorin Goldfields, and a private company, Picard Holdings Ltd. Under a memorandum of understanding Mandorin has with Picard Holdings, it has agreed to consolidate their respective interests in Tafuna Hills, Zimbabwe (announced in Stockwatch February 10, 1998). These interests are to be sold to Rio in return for equity. It is also envisaged that Rio will undertake a capital restructuring, change its name, gain new management and be refinanced. These changes will refocus Rio as an explorer in Africa. It will be headed up by Mr. Jon Swire-Thompson, a respected ex-Zimbabwean businessman. The initial exploration activities of Rio will be in the Archean greenstone belts of Zimbabwe. The target commodities will range from base metals to gold and silver. Emphasis will be given to volcanogenic massive sulphide type copper-zinc deposits that have gold and silver content. The current package of Zimbabwean properties holds great potential and will allow Rio Amarillo to assess other opportunities in Africa as they arise. Upon the successful completion of this transaction, Rio will pay a finder's fee to Durham Capital. c Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com