Post by Franko10 ™ on Sept 11, 2004 12:30:16 GMT -5
Kennecott Notice And Private Placement
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Mr. Dale W. Hoffman, President of JNR Resources Inc. (the "Company"), is pleased to report that Kennecott Canada Exploration Inc. ("Kennecott") has given notice pursuant to the property rights agreement dated May 24, 2000, that Kennecott will proceed with further exploration and development on the Moore Lake uranium property, to earn a 65% interest in the property.
Under the terms of the agreement, Kennecott can increase their interest to 65% on the Moore Lake property by funding the next $10 Million in exploration expenditures, and can further increase their interest to 70% by expending $100 Million on the property or by taking it through to production, whichever comes first.
Details of the upcoming exploration program are presently being outlined, after which the field exploration program is scheduled to commence. An outline of the upcoming exploration program will be released when it is compiled.
In addition, in order that the Company may meet its funding obligations for exploration expenses on other properties currently managed under the terms of the JNR Resources / Kennecott 50/50 joint venture agreement, the Company announces a private placement of 2,500,000 units at a price of $0.10 per unit, to net $250,000 to the Company. Each unit will comprise one flow-through common share and one non-transferable non-flow-through warrant to purchase one further common share. Each warrant will be exercisable at $0.15 per share for two years. The shares and shares from the exercise of warrants will be subject to a four month hold period commencing on the date of issue of the units. Further details will be released as they become available.
If you have any questions about this news release, or for more information, please contact Dale W. Hoffman or Peter D. Herbert at the above-noted numbers.
JNR RESOURCES INC.
Per:
Dale W. Hoffman, President
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release.
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Mr. Dale W. Hoffman, President of JNR Resources Inc. (the "Company"), is pleased to report that Kennecott Canada Exploration Inc. ("Kennecott") has given notice pursuant to the property rights agreement dated May 24, 2000, that Kennecott will proceed with further exploration and development on the Moore Lake uranium property, to earn a 65% interest in the property.
Under the terms of the agreement, Kennecott can increase their interest to 65% on the Moore Lake property by funding the next $10 Million in exploration expenditures, and can further increase their interest to 70% by expending $100 Million on the property or by taking it through to production, whichever comes first.
Details of the upcoming exploration program are presently being outlined, after which the field exploration program is scheduled to commence. An outline of the upcoming exploration program will be released when it is compiled.
In addition, in order that the Company may meet its funding obligations for exploration expenses on other properties currently managed under the terms of the JNR Resources / Kennecott 50/50 joint venture agreement, the Company announces a private placement of 2,500,000 units at a price of $0.10 per unit, to net $250,000 to the Company. Each unit will comprise one flow-through common share and one non-transferable non-flow-through warrant to purchase one further common share. Each warrant will be exercisable at $0.15 per share for two years. The shares and shares from the exercise of warrants will be subject to a four month hold period commencing on the date of issue of the units. Further details will be released as they become available.
If you have any questions about this news release, or for more information, please contact Dale W. Hoffman or Peter D. Herbert at the above-noted numbers.
JNR RESOURCES INC.
Per:
Dale W. Hoffman, President
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release.