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Microcap & Penny Stocks : IDCN - gold, garnet, etc. -- Ignore unavailable to you. Want to Upgrade?

To: WFHSR who wrote (932)	8/21/1998 11:27:00 AM
From: Howard C.	Read Replies (1) \| Respond to of 5908

Here's a 2 Year Old News Release about a joint venture in Labrador. Anyone know what ever happened with this one? AUGUST 14, 1996 New Joint Venture In Voisey's Bay Labrador (Umiakovik Lake Project) TORONTO, ONTARIO--Richard Nemis, President of Noront Resources Ltd. of Toronto, is pleased to announce that Noront has entered into a new joint venture agreement with Indocan Resources Inc. of Richmond Hill, Ontario. Under the terms of the agreement, Indocan may acquire a 50 percent interest in Noront's wholly owned Umiakovik Lake Project subject only to Noront's underlying agreement with Kennecott Canada. This interest shall be acquired by expending $500,000.00 cash on the exploration of the property by March 26, 2000, and by issuing 75,000 common shares of Indocan and a cash payment of $37,500.00 to Noront. The Umiakovik Lake Project, (License No. 1190M) is located some 130 kilometres northwest of the Diamond Fields' Voisey's Bay discovery, and geologically situated on a fault structure known as the Nain- Churchill Province Boundary. Reports made public by Diamond Fields Resources have suggested that any claims lying within 3-4 kilometres of this suture are considered prime properties. Geophysical data completed in April, 1996 by Robert J. deCarle, Consulting Geophysicist has revealed 3 High Priority Targets, 3 Medium Priority Targets, and 3 Low Priority Targets. One of the most promising targets exhibits a conductance of 57.7 siemens. Management is encouraged by this preliminary data as this is considered to be quite a high reading for this area. To allow for easier access to both the North River and the Umiakovik Lake Projects, the Companies camp is being moved to the north side of Umiakovik Lake. Geological mapping, soil and rock sampling, VLF Electro-magnetic, and Proton Magnetic Surveys will be conducted to further delineate the airborne targets recently identified in furtherance of a proposed diamond drill program. Secondly, the company advises that geophysics and sampling continue on the Puttuaalu Brook Project, (Lic. 1188M), on a strong easterly trending conductor recently identified where surface samples returned encouraging values of 0.8 percent Cu, 0.532 percent Ni, and 0.056 percent Co. Finally, the Company wishes to announce that it has negotiated a flow-through Unit financing to one individual for a total of $150,000.00 at a price of $0.55 per Unit. Each unit would consist of one flow-through share and one half warrant, with each whole warrant entitling the holder thereof to acquire an additional common share at a price of $0.65 exercisable for a period of one year. Mr. Nemis, advised that the proceeds from the flow-through transaction would be applied towards the company's proportionate share of a diamond drill program announced August 12, 1996 over the company's NOT No. 3 Project Okak Bay Labrador. Completion of this financing is subject to all regulatory approvals. ON BEHALF OF THE BOARD "R. Nemis" Richard Nemis - President