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Gold/Mining/Energy : KRL Resources (KRL:VSE) -- Ignore unavailable to you. Want to Upgrade?

To: Syncrude who wrote (135)	1/29/1999 8:51:00 PM
From: SCRIBEALIVE	Read Replies (2) \| Respond to of 159

KRL RESOURCES CORP ("KRL-V") - Copper Hill VMS Property Acquisition Approved - Flow Through Private Placements KRL RESOURCES CORP announces that the Vancouver Stock Exchange has accepted for filing, five (5) separate mineral property option agreements covering a total of 108 claim units located in the MacMurchy Township, approximately 85 kilometres south of Timmins, Ontario. The specific terms of the five (5) option agreements are as follows: 1. By agreement dated August 4, 1998, the Company was granted an option to cam a 100% interest in 35 claim units held by Gino Chitaroni and Thomas Von Cardinal. The Company will issue a total of 100,000 shares to the property vendors in blocks of 20,000 shares each over the next 16 months. The property vendors have retained a 3% net smelter return royalty; 2. By agreement dated August 6, 1998, the Company was granted an option to earn a 100% interest in 2 claim units held by James Panes and John Tomac. The Company will issue a total of 50,000 shares to the property vendors (25,000 shares each). The property vendor have retained a 2% net smelter return royalty; 3. By agreement dated August 10, 1998, the Company was granted an option to earn a 100% interest in 3 claim units held by Skead Holdings Ltd. The Company will issue a total of 25,000 shares to Skead Holdings and Skead has retained a 2% net smelter return royalty; 4. By agreement dated August 10, 1998, the Company was granted an option to earn a 100% interest in 65 claim units held by Steve Anderson. Donald McKinnon and Ray Meikle. The Company will issue a total of 150,000 shares to the property vendors in blocks of 50,000 shares (16,666 shares to each individual) over the next two years. The property vendors have retained a 2% net smelter return royalty; and 5. By agreement dated August 10, 1998, the Company was granted an option to earn a 100% interest in 3 claim units held by R.T.J. Barnes and Charles Morgan. The Company will issue a total of 150,000 shares to the property vendors in blocks of 50,000 shares (25,000 shares to each individual) over the next two years. The property vendors have retained a 2% net smelter return royalty. All Company shares issued as payments pursuant to the terms of any and all of the five option agreements will be subject to a 12 month hold period and may not be traded in British Columbia until September 23, 999. No finder's fees, commissions or bonuses are payable by die Company with respect lo the five option agreements. The Company also announces that subject to Vancouver Stock Exchange acceptance, n will carry out two non-brokered private placements. The first placement will consist of 3 25,000 flow-through units at a price of $0.15 per unit Each unit will consist of one common share and one two year share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at a price of $0.15 per share during year one of the warrants and at a price of $0.20 per share within year two of the warrants. All shares issued upon the exercise of the warrants will be flow-.through common shares. All proceeds from the sale of the 325,000 units were received by the Company prior to December 31, 1998 and subject to closing, will be expended and applied as 1998 flow-through expenditures on behalf of the investors. A finder's fee equal to the maximum allowable under Vancouver Stock Exchange policies will be paid in connection with the sale of the 325,000 units. Proceeds from this placement will be used to fund exploration work on the Company's Copper Hill properties including the five mineral properties discussed above. The Company further announces that subject to Vancouver Stock Exchange approval, it will carry out a non-brokered private placement of up to 2,175,000 units. 1,675,000 units will be flow-through units and 500,000 units will be non-flow-through units. All units will be sold at a price of $0.15 and will consist of one common share and one two year share purchase warrant. All warrants will entitle die holders to purchase one additional common share at a price of $0.15 per share during year one of the warrants and at a price of $0.20 per share within year two of the warrants. All shares and shares issued upon the exercise of the warrants comprising the flow-through units will be flow-through common shares. Proceeds for the sale of the flow-through units will be used to fund exploration on the Company's Copper Hill properties. Proceeds for the sale of the non-flow-through units will be allocated to general working capital. A finder's fee equal to the maximum allowable under Vancouver Stock Exchange policies will be paid in connection with the sale of up to 1,175,000 units. Further to the Company's September 29, 1998 news release. Alliance Corporate Services Inc. of Victoria, British Columbia has advised the Company that due to personnel changes at Alliance, it is unable to provide investor relations services to the Company as originally planned. TEL: (604) 689-0299 Mr. Seamus Young, President FAX: (604) 689-0288 Toll Free: (800) 665-3772 E-MAIL: info@krl-res.com INTERNET: www.krl-res.com without prejudice