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Gold/Mining/Energy : Western Copper Holdings Ltd. T.WTC -- Ignore unavailable to you. Want to Upgrade?

To: jack marshall who wrote (387)	10/19/1998 11:16:00 AM
From: Famularo	Read Replies (1) \| Respond to of 401

Geomex 6 progress; option agreement; $160,000 private placement Western Copper Holdings Limited WTC Shares issued 13,970,000 Oct 16 close $3.40 Mon 19 Oct 98 News Release See Kalahari Resources Inc (KLA) News Release Mr. Albert Applegath reports The following is a progress report from Kalahari's joint venture partner, Western Copper Holdings. It is Kalahari's understanding that five areas currently will be refined as potential drill targets. In Stockwatch May 29, 1998 Kalahari announced a private placement of 150,000 units at 75 cents with Western Copper. Included in this news release are details of that option. GEOMEX 6 PROGRAM The 93,000 hectare Geomex 6 property encircles the northern half of the Leon-Guanajuato mineral reserve where Noranda, Groupo Mexico and Penoles are actively exploring for VMS and porphyry gold deposits. Based on the occurrence of massive sulphide mineralization to the south and north, it is highly likely that prospective greenstone terrain is present under post mineral volcanic rocks on Geomex 6 ground. Western Copper's evaluation will include: 1. Integration and review of all available geophysical, geological and Landsat data; 2. Geochemical sampling around known gravity anomalies using the proprietary Barringer process; and 3. Drilling of best targets and/or additional target definition using a combination of detailed gravity surveying and IP. The first two phases of this program should be completed by year end. OPTION Kalahari has entered into an option agreement along with its affiliates, Caldera Gold and Geomex Canada, S.A. de C.V. wherein the company extends to Western Copper Holdings, through a subsidiary, the sole, exclusive and irrevocable right and option to earn a 51 per cent interest in the 220,000 acre (approximate) Geomex concession No. 6 in Jalisco and Guanajuato States, Mexico, such option to be exercisable by the optionee as follows: A. Paying to the optionor $112,500 as a subscription for 150,000 units of the optionor, each unit consisting of one common share in the capital of the optionor, and one warrant to purchase an additional common share for a period of two years at 85 cents in the first year after issue, and at 95 cents in the second year until expiry. This private placement was announced in Stockwatch May 29, 1998); and B. Incurring expenditures on the property of not less than a total of $500,000 (U.S.) on or before two years after receipt of the results of an airborne survey, or as otherwise agreed to between the parties. The Geomex concession No. 6 is situated approximately 25 kilometres north and northwest of the city of Leon, Guanajuato and surrounds the northern tip of the Leon-Guanajuato mineral reserve. A prior news release in Stockwatch May 29, 1998 refers to a letter of intent being entered into between Kalahari and Western Copper, but the option referred to herein replaces that intended document. The above option agreement is subject to regulatory acceptance and confirmation of title. FOUR FACES OF KALAHARI On Oct. 5, 1998 Mr. Applegath wrote of the three faces of Kalahari: 1. The Northwest Territories diamond play/Mackay Lake-Back Lake (joint venture partner SouthernEra Resources); 2. Central Mexico, Faja de Plata - 3,000,000 plus acres; 3. Twenty-two gold and base metal properties in Ontario and Quebec (11 drill ready) - 34,000 acres; and now there is a fourth face: 4. The continuing exploration on Geomex 6, joint ventured with Western Copper. Mr. Applegath has taken down a private placement on 250,000 shares at 30 cents and advancing $160,000 (Canadian) which will be returned by a debt settlement at 34 cents a share.