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 : Troymin Resources (A.TYR) -- Ignore unavailable to you. Want to Upgrade?

To: Thomas Boychuk who wrote (438)	6/18/1998 2:23:00 PM
From: The Osprey	Respond to of 555

NR on Troymin: Troymin Resources Ltd - JV with Monopros finalized Troymin Resources Ltd TYR Shares issued 21789177 1998-06-17 close $0.6 Thursday Jun 18 1998 Mr. Jack McCleary reports The company's joint venture agreement has been finalized with Monopros Limited, a wholly owned Canadian subsidiary of De Beers, the world's leading diamond producer. Pursuant to the terms of the agreement, Monopros has the right to earn up to a 60 per cent interest in Troymin's Buffalo Hills diamond prospect in Northern Alberta. Monopros has also purchased, by way of private placement, 450,000 units of Troymin at 70 cents per unit, each unit consisting of a common share and one warrant to purchase one additional common share at $1.05 per share for two years. The agreement provides that Monopros has the right to earn a 51 per cent interest by incurring minimum total expenditures of $5.5-million on a multi-staged exploration and development program by Feb. 28, 2002, of which $0.5-million must be spent by Feb. 28, 1999. Monopros can earn a further 4 per cent interest by financing Troymin's share of a full feasibility study for the construction and development of a mine. If Monopros has not spent a minimum of $15-million to the end of this stage, the shortfall will be either credited against Troymin's share of development costs of a mine or paid in cash. By arranging financing for Troymin's share of the development costs of the first mine, Monopros may earn an additional 5 per cent interest, resulting in ownership by Monopros of 60 per cent and Troymin of 40 per cent in the joint venture. The Troymin-Monopros Buffalo Hills diamond joint venture comprises five blocks of permits totalling approximately 1.0 million acres on the Buffalo Head Craton which hosts Alberta's only known diamondiferous kimberlite pipes. Monopros, as operator of the joint venture, has commenced a detailed sediment sampling program, concentrating at this time on the Bison Lake and Trout Mountain blocks which are more proximal to the known kimberlites. Ground geophysical surveys are also under way over a number of priority high resolution airborne magnetic anomalies to define prospective targets for a summer drilling program. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com Osprey