Violetta - I think that MEO communicates all that they are allowed to and have access to. I find it interesting when posters say that MEO plays close to the chest -they put more in their intirm financial statements than most of the other ADP players -they just don't try to teach geology. If you want gruesome details on what is going on in the company - here it is:
In January and February, 1997, the Company acquired by staking approximately 4,000,000 acres of mineral exploration permits in the Buffalo Hills area of Alberta.
On May 7, 1997, the Company and Redwood Resources Ltd. (“Redwood”), an Alberta Stock Exchange listed company, entered into an agreement for a private placement and option and subsequent joint venture on certain of the Company's properties located in the Buffalo Hills area of Alberta. Redwood has earned a 30% interest in the above-noted properties.
As at January 31, 1999, the Company had received subscriptions for $567,125 from the announced offering of 3,000,000 units at $0.25 per unit. Each unit consists of one common share and one warrant to purchase an additional share at a price of $0.30 for a period of two years. 1,260,000 of the units were issued on a flow-through basis, both as to the share and the warrnt. A commision of 52,700 units, on the same terms as the private placement units, and a cash commision of $13,175 was paid to Golden Capital Securities Ltd. for its services in connection with the offering.
On October 31, 1997, New Claymore Resources Ltd., the Company and Troymin Resources Ltd. announced a joint venture agreement with a private Alberta oil and gas corporation whereby the various companies were allowed to view certain geophysical data which could assist the joint venture in identifying kimberlite pipes. This data pertains to the block of mineral permits located near Hinton, Alberta. Pursuant to the terms of the agreement, the companies agreed to access and inspect the geophysical data and interpretation thereof. Upon notification the companies agreed to issue collectively $150,000 of their shares pro rata and fund a $250,000 exploration program. The companies utilized the data to conduct field exploration and determined that the data had no value. The private Alberta oil and gas corporation has commenced a lawsuit for damages. The companies have all defended the claim.
The winter drill program of seven drill holes on the Jazz block was completed in March of 1998 and was not successful in finding kimberlite. The magnetics on the Jazz block have been modelled based on known kimberlites in the area and have identified 13 drill targets for a continued drill program.
The 1.5 million acre Legend Property (70% the Company – 30% Redwood) was flown with an aerial magnetic survey in June and July of 1998. On July 27, 1998 the Company and Redwood agreed to enter into an option agreement with Kennecott Canada Exploration Inc. (“Kennecott”) whereby Kennecott would earn a 60% interest in the Legend Property. The terms of the option were that Kennecott must make private placements in the Company and Redwood of the cumulative amount of $275,000 ($192,500 as to the Company and $82,500 as to Redwood) on closing, a subsequent private placement of $175,000 ($122,500 as to the Company and $52,500 as to Redwood) on or before January 15, 1999 and a $600,000 ($420,000 as to the Company and $180,000 as to Redwood) private placement upon the commencement of a ten ton bulk sample on any kimberlite pipe on the property. Each private placement shall consist of a common share and a share purchase warrant exercisable at a price equal to 200% (first private placement) and 150% (second and third private placements) of the private placement price for two years from the date of the private placement. Kennecott must make all expenditures required to bring the project to mutual decision to mine or by making exploration expenditures totalling $30,000,000 over seven years. Kennecott shall expend $500,000 prior to May 30, 1999 and an additional $4,500,000 on or before August 31, 2003. Upon the commencement of commercial production from a mine located within the property boundaries, Kennecott shall pay the additional sum of $2,000,000 ($1,400,000 to the Company and $600,000 to Redwood).
On September 28, 1998, the Company completed the first of the private placements, issuing 256,667 shares to Kennecott for cash of $192,500. In addition, the Company issued warrants to Kennecott to purchase up to an additional 256,667 shares at $1.50 per share to August 31, 2000.
On January 15, 1999, Kennecott completed the second private placement of $122,500 and the Company issued 326,667 units to Kennecott at a deemed price of $0.375 per unit. Each unit consisted of one common share and one share purchase warrant to purchase an additional common share at any time over two years at a price of $0.45.
The formal option agreement was signed on September 8, 1998 and drilling commenced in late September, 1998. Kimberlite was intercepted on seven of the targets drilled to date. Caustic fusion results of the kimberlites have recovered five diamonds from 380 kilograms of drill core on the Phoenix kimberlite, however, none of the other kimberlites contained diamonds.
Full caustic fusion results from the Legend Property should be available over the next few weeks. Other exploration activities have been ongoing on the Legend Property. High Sense was contracted to complete 745 line kilometres of ground magnetics over 14 anomolies. In total, 63.9 line kilometres of ground magnetics were completed. No further drilling on the Legend Property is possible until the end of June when the Caribou calving season ends. Kennecott will be using this time to review the results to date and to plan for the next drill program.
On October 15, 1998, the Company entered into an agreement with Victory Ventures Inc. whereby the Company will acquire a 40% interest in 31,574 hectares of mineral exploration permits in Alberta (the “Keg River Property”) in exchange for an airborne geophysical survey on the property. The survey must be completed on or before May 1, 1999.
On January 14, 1999, the Company entered into an agreement with Edward Kruchkowski, an arm's length party, for the acquisition of a 50% interest in the 742,000 acre Jackfish property in the Calling Lake area of Alberta. The interest will be earned by paying Kruchkowski $35,000 upon signing (paid), $190,000 over two years and issuing 100,000 common shares to Kruchkowski.
The same date, the Company also entered into an agreement with Everest Mines and Minerals Ltd., a non-arm's length party, for a further 10% interest in the Jackfish Property, along with a 50% interest in the 1,000,000 acre Tyrell Property near Drumheller, Alberta, in consideration of the payment of $50,000 (paid) and a $200,000 work commitment.
On February 5, 1999, the Company agreed to sell to Abaddon Resources Inc., an arm's length party, 50% of the Company's interest in the Jackfish Property and a 60% interest in the Tyrell Property. The consideration is the payment of $42,500 and 50,000 shares on signing, and an additional $95,000 on or before January 12, 2001.
On February 25, 1999, the Company entered into an agreement with Absolut Resources Corp. to acquire up to a 51% interest in the 92,160 acre Jackpine Creek Property located approximately 60 km west of the main Ashton kimberlites. The Company can earn a 25% interest on or before December 1, 1999 by paying Absolut a total cash consideration of $100,000, issuing 150,000 common shares and conducting a work program on 4 targets. The Company may earn an additional 26% interest by committing to additional work commitments of $4,000,000, additional cash payments of $450,000 and issuing an additional 400,000 common shares by December 1, 2003. Montello will grant a 2% NSR to Absolut which may be purchased for $1,000,000 per percentage point. The Company is currently reviewing the data on the property.
The Company has entered into a consulting agreement with Brahma Communications Inc. (“Brahma”) for the provision of general office administration services, which includes investor relations services. The agreement with Brahma provides that Brahma is paid $6,000 per month. The principal of Brahma is Thomas Yingling. The Company has also entered into a consulting agreement with John Campbell for the provision of general administrative services which include investor relations services. The agreement with John Campbell provides that he is paid $3,500 per month.
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