Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : GITENNES Exploration (ase:GIT) -- Ignore unavailable to you. Want to Upgrade?

To: jerry janko who wrote (1075)	2/15/1999 11:01:00 PM
From: mark calgary	Respond to of 1092

Jerry - doing a little bottomfishing. I am new to this thread - can you give me your thoughts. I know from the MDR thread that you know your stuff. I am looking at what the sale to Cambior means to this company in terms of cash. I calculate that the cash received today comes out to 14 cents per share. Trading at 20 cents it looks awfully attractive considering that there is an additional 6.5 million cdn to come. These people must have had a good reason to give this up ( other prospects ) - have they got anything or will they just burn it up ? Mark

To: jerry janko who wrote (1075)	2/15/1999 11:56:00 PM
From: Sudeep Naidoo	Read Replies (1) \| Respond to of 1092

Gitennes transaction with Cambior closes Gitennes Exploration Inc GIT Shares issued 26,255,831 Feb 15 close $0.20 Mon 15 Feb 99 News Release Also Cambior Inc (CBJ) Mr. Jerry Blackwell reports Gitennes Exploration Inc. has closed the transaction with Cambior Inc. to sell a 100 per cent interest in Compania Minera Kori Pampa S.A., a company registered in Peru. Kori Pampa is the beneficial owner of mineral rights to a number of properties in Peru, the most important being nine concessions comprising the Virgen property. The company's subsidiary, Castle Keep Ltd., has now received the initial payment of $2,500,000 (U.S.) ($3.72-million (Canadian)). To complete the sale, Cambior must make an additional payment of $2,500,000 (U.S.) within 12 months, and a further payment of $2,000,000 (U.S.) within 24 months of closing, If Cambior elects to not make the second or third payment, the option agreement will be terminated and the properties will revert to Gitennes. In addition to the $7-million (U.S.) total cash payments, the company's subsidiary will be entitled to participation payments once mining production exceeds 400,000 ounces of gold. These payments are based upon a 3-1/4 per cent net smelter return royalty for gold production, a 2 per cent nsr for silver production and a 1 per cent nsr for all other metals or minerals produced from the property. Once $13,000,000 (U.S.) in participation payments are made, the gold nsr is to be reduced to 2 per cent for the balance of continuing mining operations. Gitennes is now in a position to resume its objective of being an active explorer. In Peru, a new company, Compania Minera Kori Playa S.A., has been established to hold Gitennes' interest in the Azul property being explored by the joint venture formed between Gitennes and Navigator Exploration Corp. Exploration work will begin at Azul this quarter. The company is evaluating a number of additional promising properties in Peru as well as in other countries in South and Central America. Further acquisitions are likely. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com