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Gold/Mining/Energy : Eaglecrest Explorations -- Ignore unavailable to you. Want to Upgrade?

To: Scott Reynolds who wrote (549)	1/21/1999 6:37:00 AM
From: Mr Metals	Read Replies (3) \| Respond to of 639

Eagle Crest arranges $1.1-million financing Eaglecrest Explorations Ltd EEL Shares issued 14,923,922 Jan 19 close $0.19 Wed 20 Jan 99 News Release Mr. Gary Cope reports Japan-based and other offshore investors have agreed to purchase 7.4 million special warrants of the company at 15 cents per special warrant to raise $1,110,000. Each special warrant can be exchanged for a unit consisting of one share and one-half share purchase warrant. One full share purchase warrant is exercisable into one share at 20 cents for one year. Of the units, 3.4 million units represent a brokered private placement arranged by Canaccord Capital. Eaglecrest has agreed to pay an 8 per cent commission and to provide 250,000 broker B warrants to Canaccord. A finder's fee will be payable on the non-brokered portion of the special warrant financing, all of which is expected to close by Jan. 31, and all terms of which are subject to regulatory approval. Proceeds will finance the next stage of development of the company's San Simon gold project in Bolivia. The program is planned to include bulk sampling and possibly large diameter drilling on previously identified zones, as well as initial exploration on several as yet untested structures along a seven kilometre long chargeability anomaly. Approximately 150 local miners continue to be active on the extensive 7,000 acre project where gold was first discovered in the late 17th century. The artisan miners, working on outcrop, have now uncovered an area 650 metres by 350 metres on a potential bulk tonnage, open pit target. In addition, independent agency reports indicate that the local miners are recovering up to 19 grams of gold per tonne, using unsophisticated mining and recovery techniques, on a nearby high-grade vein system which has been traced for more than 1.5 km. Prior work by Eaglecrest included geophysical surveys, surface trenching, bulk sampling and limited diamond drilling. To date only two of 15 induced polarization anomalies along a 7,000 m by 300 m trend have been examined. The $1.1-million issue replaces a previously planned financing of three million special warrants which did not proceed. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com MM