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Gold/Mining/Energy : International Tournigan(ITG.V)announces major discovery -- Ignore unavailable to you. Want to Upgrade?

To: Danny Grant who wrote (340)	4/16/1999 10:23:00 PM
From: rdww	Read Replies (1) \| Respond to of 347

looks like life is getting snuffed out here! Int'l Tournigan negotiating with Berenguela vendor International Tournigan Corporation ITG Shares issued 16,553,331 Apr 16 close $0.16 Fri 16 Apr 99 News Release Mr. A.E. (Ted) Daem reports The company is in negotiations with respect to its agreement to acquire the Berenguela property in Peru. The vendor has given notice of termination of the agreement on the basis that the company did not meet its February 1999 payment obligations under the agreement. If the agreement has terminated, then the vendor is obligated to repay to the company $1.1-million. The company has been in continuing negotiations with the vendor since February to reach a new agreement. Concurrent with the negotiations with the vendor, management has had continuing discussions with third parties who have expressed interest in providing the $2.5-million (U.S.) feasibility study financing that any new agreement would require. These discussions are continuing. There can be no assurance that an agreement satisfactory to the company, the vendor and the prospective third party financing group will be entered into or that the company will be successful in securing financing for any agreement. Notwithstanding the uncertainty of the outcome of these negotiations, management is seeking to reduce the company's debt and enhance its ability to attract additional working capital. Accordingly, the company proposes to settle debts with its creditors in the total amount of $162,902.32. The company will issue a total of 905,013 shares at 18 cents. The company proposes to grant stock options to directors and employees of the company in the amount of 837,000 shares, at 18 cents per share exercisable up to and including April 12, 2002. The company will also seek regulatory acceptance of the repricing of existing 1,548,000 stock options to 18 cents. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com