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Hi All, I'm trying to get some opinion on Big Valley Resources. Its an interesting company that has both mining properties and softwood lumber processing prospects. The companies shares were halted a couple of months ago and have returned to trading at fairly decent volume and price gain. Here is their latest news release. Cheers, Craig BVÿÿ1998-04-24 ÿÿ(provided courtesy of Canadian Corporate News.) register to receive future releases by email from CCN Big Valley Resources: Wood Products Agreement Amended, Financing Negotiations Ongoing VANCOUVER, BRITISH COLUMBIA--By agreement dated December 21, 1997 with H.D.L. Wood Industries Inc. ("HDL"), Big Valley Resources Inc. ("Big Valley") was granted the exclusive right to finance a new wood hardening and fine veneer manufacturing company to be located in British Columbia. Under the terms of the agreement, Big Valley was required to provide financing of up to $25 million (US), including an irrevocable commitment to finance the first $15 million (US) by March 31, 1998. Pursuant to the policies of the Alberta Stock Exchange (the "ASE"), the financing obligation on the part of Big Valley amounted to a "change of business" transaction and trading in the shares of Big Valley was halted on December 22, 1997. As an irrevocable commitment to finance the first $15 million (US) phase of the new company would not be received prior to March 31, 1998, Big Valley renegotiated the terms of the agreement with HDL. Under a March 20, 1998 amendment, Big Valley was granted an extension until September 30, 1998 to secure the $15 million (US) financing. However, as a compromise, Big Valley was required to give up its exclusive right to finance the new company. Without an exclusive right to finance the new company, the amended agreement no longer falls within the "change of business" policies of the ASE. Accordingly, Big Valley shares will resume trading on April 27, 1998. Since early January of 1998, Big Valley has been active in its attempts to locate and secure the necessary financing for the new company. Negotiations are ongoing with a number of private and institutional lenders in Canada, the United States and Europe. Management is confident that it will be successful in financing the new company as initially planned. Any future financing will be subject to ASE and shareholder approval. Big Valley and HDL are proceeding with the development and plans for future production from their wood hardening plant located in Lappeenranta, Finland. The equipment purchased from a re-saw mill as announced on March 4, 1998 will be set up at one of two potential sites on Vancouver Island. Once operational, the re-saw mill will supply some of the milled lumber to be processed at the Lappeenranta hardening plant. The harding plant and the re-saw mill equipment are fully owned by Big Valley and HDL and represent a separate business venture from the proposed $25 million (US) wood products company referred to above. Over the past winter, Big Valley has increased its land position in the Mount Polley area by acquiring options to earn 100 percent interests in the Hugger and the Buck mineral claim (see March 4, 1998 news release). In addition, Big Valley has renegotiated the payment terms of a December 15, 1994 option agreement for the MT mineral claims. These claims are located in the Mount Polley area and were optioned from Black Bear Mining Ltd. ("Black Bear") and R.T. Heard & Associates Ltd. ("Heard"). Under an April 6, 1998 amendment to the December 15, 1994 agreement, Big Valley will issue an aggregate 125,000 common shares to Black Bear and Heard to fully exercise the option. Under the original agreement, Big Valley was required to make bi-annual payments of $25,000 to Black Bear and Heard commencing on June 15, 1997 and continuing until the MT claims were placed into commercial production. The Hugger, Buck and MT agreements all remain subject to final ASE acceptance. Over the past winter Big Valley has also carried out a thorough review and correlation of all available geological data related to its mineral properties. Twelve specific exploration targets have been identified. Several mining companies have expressed an interest in possible joint venture proposals on a number of the mineral properties and preliminary negotiations are ongoing. Big Valley also announces that a 600,000 unit private placement announced on December 22, 1997 has been cancelled. Big Valley further announces that subject to ASE acceptance, it has entered into an investor relations agreement with Dunhill International Communications Corp. ("Dunhill") of Vancouver. Dunhill will receive a monthly fee of $4,000 and has been retained for an initial period of three months. ON BEHALF OF THE BOARD Lloyd Tattersall, President -30- FOR FURTHER INFORMATION PLEASE CONTACT: Big Valley Resources Inc. Mr. Lloyd Tattersall President (250) 243-2337 or Ms. Kelly MacDonald Shareholder Communications (604) 922-6998 The Alberta Stock Exchange has neither approved or disapproved the information contained herein. ÿ | ||||||||||||||
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