To: VAUGHN who wrote (1222 ) 8/31/1998 2:18:00 PM From: VAUGHN Respond to of 2251
Hello All ***BUSY NEWS DAY*** WINSPEAR RESOURCES LTD. ANNOUNCES VANCOUVER STOCK EXCHANGE HAS ACCEPTED FOR FILING AN OPTION AGREEMENT WITH TYLER RESOURCES INC. VANCOUVER, Aug. 31 /CNW/ - Winspear Resources Ltd. Trading Symbol: WSP.V Winspear Resources Ltd. (the ''Company'') is pleased to announce that further to the Company's news release dated March 27, 1998, the Vancouver Stock Exchange has accepted for filing an Option Agreement (the ''Agreement'') dated March 25, 1998 between the Company and Tyler Resources Inc. (''Tyler'') whereunder the Company was granted the option to acquire up to a 70% interest in the Carat Property (the ''Property'') located in the Lac de Gras area, Northwest Territories. Under the terms of the Agreement, the Company will issue 200,000 shares, in four equal blocks, over an eighteen month period and will incur exploration expenditures of at least $2,000,000 on the Property by December 31, 2002. The aforesaid shares are subject to at 12 month hold period commencing on March 27, 1998. To date a total of 4,200 line kilometres of detailed airborne Mag and EM have been conducted over the Carat Property. In addition, a total of 395 till samples have been collected and are currently being processed. Approximately 25 potential targets have been outlined from the preliminary geophysical survey, with more detailed geophysical and geochemical surveys to be conducted. Depending on the evaluation of data obtained from this work, a drill program may be carried out on the property this coming winter. Total costs to date incurred by Winspear during 1998, total approximately $550,000 on the project. WINSPEAR RESOURCES LTD. ---------------------- Randy C. Turner, P. Geo. President & Director