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Gold/Mining/Energy : Caussa Capital (formerly Antares) T.CAU -- Ignore unavailable to you. Want to Upgrade?

To: john who wrote (4570)	1/5/1999 9:37:00 PM
From: Luc Beaugrand	Read Replies (1) \| Respond to of 4718

Mountain Lakes terminates option on Vaaldiam property Antares Mining and Exploration Corp ANZ Shares issued 18,992,219 Jan 4 close $0.08 Tue 5 Jan 99 News Release See Vaaldiam Resources Ltd (VRL) News Release Mr. Kenneth Johnson reports Vaaldiam has been informed by Mountain Lake Resources that it has terminated Vaaldiam's right to earn a 50 per cent interest in Mountain Lake's Vetpan and Mooi River diamond properties in South Africa. Under the terms of the option and joint venture agreement dated Oct. 15, 1998 between Vaaldiam and Mountain Lake, Vaaldiam had the right to earn its interest in the diamond properties by expending $1.0-million on exploration and development work on the Vetpan property by June 30, 1999. The agreement also specified that Vaaldiam was to have provided Mountain Lake with evidence that it had secured the necessary financing for the program by Dec. 31, 1998. On Oct. 19, 1998 Vaaldiam had announced that it had reached an agreement with Antares Mining and Exploration whereby Antares had agreed to provide a total of $1.0-million in financing for the development of the Vetpan property by Dec. 31, 1998. Vaaldiam recently granted Antares a one-month extension to allow sufficient time to close its financing scheduled for Jan. 31, 1999. Unfortunately a similar request to Mountain Lake for an extension to coincide with the Antares financing was not granted to Vaaldiam. Vaaldiam has therefore been forced to serve notice to Antares that it has terminated its Oct. 19, 1998 financing agreement, given that Antares has not been able to fulfill its obligations under the terms of the agreement. Vaaldiam has entered into negotiations with three individuals regarding the restructuring of the terms of three separate convertible debentures of the company totalling $185,517, which were granted on June 30, 1996 and matured on Dec. 31, 1998. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com