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Gold/Mining/Energy : Winspear Resources -- Ignore unavailable to you. Want to Upgrade?

To: .Trev who wrote (10765)	12/21/1998 3:11:00 PM
From: Dave M	Respond to of 26850

Tyler - Aber news release: Hope this is usefull to readers of this thread. Monday December 21, 2:39 pm Eastern Time FULL TEXT-Tyler Resources in Aber deal (Full text of press release from ISDN Wire Service) TYLER RESOURCES INC. - CRYSTAL & GEM PROPERTIES OPTIONED TO ABER CALGARY, ALBERTA, Dec 21 - For Further Information Contact: Investor Relations at 1.888.237.7898 Web: gold.ca Tyler Resources Inc. ("Tyler") has entered into an agreement with Aber Resources Ltd. ("Aber") wherein Aber will fund exploration on the Crystal and Gem properties located in the Lac de Gras diamond exploration camp of the NWT. Crystal Property The Crystal Property consists of 53 claims totaling 49,205 hectares (121,584 acres), and has been explored by Tyler and its former optionees since 1992. The claims are subject to a 2% Net Proceeds Royalty payable to the original staker. The royalty has a $5,000,000 buyout. Over the last two years Tyler has lodged letters of credit in the amount of $338,159.51 on some of the claims in lieu of filing representation work with the Department of Indian and Northern Affairs Canada. Aber has agreed to option the Crystal Property pursuant to the following terms and conditions: 1) To earn a 50% interest in the property Aber will incur $1,750,000 in exploration expenditures before December 31, 2002. 2) Aber will replace the Tyler letters of credit. 3) Aber will have a second option to increase its interest from 50% to 70% by incurring an additional $3,500,000 in exploration expenditures. Gem Property The Gem Property consists of 26 claims totaling 27,174 hectares (67,145 acres) and has been explored by Tyler since 1993. Tyler has lodged letters of credit in the amount of $94,731.16 in lieu of representation work with the Department of Indian and Northern Affairs Canada on some of the claims. Aber has agreed to option the Gem Property pursuant to the following terms and conditions: 1) To earn a 50% interest in the property Aber will incur $750,000 in exploration expenditures before December 31, 2002. 2) Aber will replace the Tyler letters of credit. 3) Aber will have a second option to increase its interest from 50% to 70% by incurring an additional $1,500,000 in exploration expenditures. Upon Aber becoming vested in an ownership position in a property the Companies shall enter into an industry standard Joint Venture Agreement. Aber will be the initial operator of the Joint Venture. Tyler has agreed to enter into a diamond marketing agreement with Aber for an initial term of five years upon commencement of commercial production from the properties. Tyler is confident that significant exploration programs will be undertaken on its three Lac de Gras projects in 1999. Winspear Resources Ltd. is currently exploring the 38,189 hectare (94,364 acres) Carat Property which it holds under option from Tyler. This program, combined with exploration programs to be funded by Aber on the Crystal and Gem properties should advance the evaluation of these large properties in the future. (signed) GLEN HARPER PRESIDENT No Canadian Stock Exchange has approved nor disapproved of the information contained herein. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the potential extent of mineralization and reserves, exploration results and future plans and objectives of Tyler Resources Inc. These risks and uncertainties include, but are not restricted to, the amount of geological data available, the uncertain reliability of drilling results and geophysical and geological data and the interpretation thereof and the need for adequate financing for future exploration and development efforts. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change. --------------------------------------------------------------------------------