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Gold/Mining/Energy : Channel Resources (CHU T) -- Ignore unavailable to you. Want to Upgrade?

To: John Stokes who wrote (20)	7/4/1998 6:27:00 AM
From: Bobby Yellin	Read Replies (1) \| Respond to of 29

dumb! sorry...I have been overtired lately and that is just another example..will try to check out viceroy..getting more confused.. still resisting it is a done deal..I don't own eet and haven't seen who is on their board.. why if done deal did Viceroy put this out in their financial review.. I am so confused! "Ihannel Resources Viceroy owns 28.5 per cent of Channel Resources which has established a large land holding spanning 10 permits and totalling 9,092 square kilometres in prospective greenstone belts in Burkina Faso, West Africa. Current emphasis is on the Bombore permit where over 9,000 metres of drilling completed during 1997 identified gold mineralization over a 14 kilometre strike length in seven zones. Follow-up exploration is planned for all permits in 1998. Viceroy has the right to earn a 60 per cent direct interest in the Bouroum permit by financing $2.3-million of exploration work and completing a feasibility study. Financing obligations have been met and work to complete the feasibility study is under way. A geologic resource of 536,000 ounces of gold has been defined in the F-12, Welcome Stranger and Bissinga deposits. A 1996 geochemical sampling program identified several anomalies that warrant exploration. A scoping study completed in 1997 estimated mineable and geologic resources, capital expenditures and operating costs associated with potential mining operations at the permit. The study concluded that heap leaching as a low cost method of recovery was not viable and that higher cost alternatives were not economic. Follow-up work will evaluate the potential for defining additional resources on the property. " that was released by viceroy on june 16... what does "lock up" mean..done deal? Financial bobby

To: John Stokes who wrote (20)	7/4/1998 6:43:00 AM
From: Bobby Yellin	Read Replies (1) \| Respond to of 29

Obviously something is not clear..help ps..if Channel appears to be upping it estimates, if no takeover which would be better average up solomon or channel? "Globe says board unanimously rejects takeover bid Channel Resources Ltd CHU Shares issued 25,688,034 1998-06-30 close $0.8 Thursday Jul 2 1998 Also Etruscan Resources Inc (EET) The Globe and Mail reports in its Wednesday, July 1, 1998 edition that Channel Resources' board has unanimously recommended that shareholders reject Etruscan Resources' bid for the company. The Globe's News bulletins column reports that Etruscan is offering to swap one of its shares for each 4.5 shares of Channel Resources. Channel Resources says an independent special committee of directors determined the offer is "inadequate and opportunistic," and has been timed to take advantage of its undervalued stock and "the depressed state of the mining equity market and cyclical lows for precious metal prices." " got this from Solomon website "A budget of CDN$1.2 million has been approved by the joint management committee. Solomon Resources Ltd. has now earned an equal 50% working interest in the Bombore Project with Channel Resources and is contributing CDN$600,000 towards this phase of exploration. Solomon Resources Limited has 27.7 million shares outstanding and has approximately CDN$4.5 million in its treasury. The Company holds 1,043,700 free trading shares of Viceroy Resources Corporation (VOY-T) and 1,250,000 shares of Oliver Gold Corporation (OGO-V). In addition the Company receives approximately $100,000 per year in revenue from minor oil and gas interests in Alberta and Saskatchewan."