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Microcap & Penny Stocks : IKAR Mining Tungsten iron ore gold silver copper cobalt -- Ignore unavailable to you. Want to Upgrade?

To: Dr. Stock who wrote (529)	2/11/1999 6:14:00 PM
From: rharris	Read Replies (1) \| Respond to of 631

The following is IKAR's announcement (the other one was EPAR's): Ikar Mineral Corp. Reaches Agreement Business Editors/Mining Writers NORTH VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 11, 1999--Ikar Mineral Corp., (OTC BB:IKAR) Thursday announced that it has entered into an agreement with European American Resources Inc. (OTC BB:EPAR) to sell its Ikar-Huf Tungsten/Gold/Silver deposit which occupies a mining concession of approximately four hundred square kilometers (100,000 acres). The concession is located in the Republic of Tajikistan, a former Soviet Union State in the heart of Central Asia. The transaction is conditional upon a completion of EPAR's Due Diligence as to title and control of the concession by IKAR and subject to final approval of the board of directors of both companies. The purchase price, set at $39,850,000 (Thirty Nine Million Eight Hundred Fifty Thousand Dollars) will be paid in cash and stock over a 36 month period commencing from closing date of the execution of the agreement. EPAR will file a registration of convertible preferred shares with a par value of six US Dollars, convertible into a share of common stock with a strike price of six and a half US Dollars. The company ("IKAR") intends to distribute the 6.6 million convertible preferred shares to the beneficial shareholders of Ikar Mineral Corp. The sale of the IKAR-HUF deposit will allow Ikar Mineral Corp., the ability to further explore and prove several other identified deposits within the original 400 square kilometer concession including its' promising Iron Ore ("Barch") deposit. EPAR presently holds 62 patented claims in Eureka county and approximately 700 unpatented mining claims all in the State of Nevada. EPAR's Eureka county/Prospect Mountain is bordered by Homestake's Ruby Hill/Archimedes gold mining operation. With the purchase of the IKAR-Huf project, EPAR believes that it is well positioned to exploit sizable mineralization of gold, silver and tungsten, in both the North American and the Asian continents. Note to Editors: Statements in this document that are not descriptions of historical facts are forward-looking and subject to risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors, including uncertainties as to actual amount of mineralization in IKAR's holdings; further uncertainties relating to exploration, drilling and recovery of such minerals; dependence on third parties; future capital needs; and other risks relating to safety, regulatory, competition and other risks. For more information, please contact Ikar Mineral Corp. Randall Andrus, C.E.O. 888/322-4527 604/632-9771 ikar@intergate.bc.ca --30--aec/ix* CONTACT: Ikar Mineral Corp., North Vancouver Randall Andrus, 888/322-4527, 604/632-9771 ikar@intergate.bc.ca KEYWORD: NEW YORK INDUSTRY KEYWORD: MINING/METALS Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com