Post by Franko10 ™ on Sept 11, 2004 14:26:36 GMT -5
News Release
June 4, 1998
Rick Walker, President of the Company is pleased to announce that the Company has entered into two option agreements with Terramin Resources Inc. ("Terramin") of Vancouver, British Columbia, both agreements are subject to regulatory approval. In the La Ronge Mining district, the Company has given Terramin the right to acquire a 50% undivided interest in four claims by incurring aggregate exploration expenditures of up to $450,000 on or before December 31, 1999 and by issuing to Shane 100,000 common shares of the Company, 50,000 common shares within 10 days of acceptance of the agreement by the Vancouver Stock Exchange and 50,000 common shares issuable within 10 days of acceptance by the Exchange of a favourable geological report based on a work program of not less than $100,000. Terramin will be the Operator on the property during the term of the option agreement. Terramin will have the exclusive right, exercisable within 1 year of exercising the Option, to increase its interest in the property to a maximum of 80% by incurring up to an additional $300,000 of additional expenditures. Upon the formulation of the Joint Venture if at any time a party’s interest in the property is reduced below 10%, the other party will receive a 1% NSR which may be bought back for $1,000,000 at any time before a positive feasibility study is received on the property.
In the Wollaston Lake region of Northern Saskatchewan, Terramin has the right to acquire a 20% undivided interest in eight claims by incurring aggregate exploration expenditures of $100,000 on or before December 31, 1998 and by issuing to Shane 100,000 common shares of the Company, 50,000 common shares within 10 days of acceptance of the agreement by the Vancouver Stock Exchange and 50,000 common shares issuable within 10 days of acceptance by the Exchange of a favourable geological report based on a work program of not less than $100,000. Terramin has the right to acquire up to an additional 40% undivided interest in the properties by incurring additional expenditures of up to $200,000 on or before December 31, 1999. Upon the formulation of the Joint Venture if at any time a party’s interest in the property is reduced below 10%, the other party will receive a 1% NSR which may be bought back for $1,000,000 at any time before a positive feasibility study is received on the property.
ON BEHALF OF THE BOARD OF DIRECTORS OF SHANE RESOURCES LTD.
Rick Walker
President
The Vancouver Stock Exchange has neither approved nor disapproved the contents of this news release.
June 4, 1998
Rick Walker, President of the Company is pleased to announce that the Company has entered into two option agreements with Terramin Resources Inc. ("Terramin") of Vancouver, British Columbia, both agreements are subject to regulatory approval. In the La Ronge Mining district, the Company has given Terramin the right to acquire a 50% undivided interest in four claims by incurring aggregate exploration expenditures of up to $450,000 on or before December 31, 1999 and by issuing to Shane 100,000 common shares of the Company, 50,000 common shares within 10 days of acceptance of the agreement by the Vancouver Stock Exchange and 50,000 common shares issuable within 10 days of acceptance by the Exchange of a favourable geological report based on a work program of not less than $100,000. Terramin will be the Operator on the property during the term of the option agreement. Terramin will have the exclusive right, exercisable within 1 year of exercising the Option, to increase its interest in the property to a maximum of 80% by incurring up to an additional $300,000 of additional expenditures. Upon the formulation of the Joint Venture if at any time a party’s interest in the property is reduced below 10%, the other party will receive a 1% NSR which may be bought back for $1,000,000 at any time before a positive feasibility study is received on the property.
In the Wollaston Lake region of Northern Saskatchewan, Terramin has the right to acquire a 20% undivided interest in eight claims by incurring aggregate exploration expenditures of $100,000 on or before December 31, 1998 and by issuing to Shane 100,000 common shares of the Company, 50,000 common shares within 10 days of acceptance of the agreement by the Vancouver Stock Exchange and 50,000 common shares issuable within 10 days of acceptance by the Exchange of a favourable geological report based on a work program of not less than $100,000. Terramin has the right to acquire up to an additional 40% undivided interest in the properties by incurring additional expenditures of up to $200,000 on or before December 31, 1999. Upon the formulation of the Joint Venture if at any time a party’s interest in the property is reduced below 10%, the other party will receive a 1% NSR which may be bought back for $1,000,000 at any time before a positive feasibility study is received on the property.
ON BEHALF OF THE BOARD OF DIRECTORS OF SHANE RESOURCES LTD.
Rick Walker
President
The Vancouver Stock Exchange has neither approved nor disapproved the contents of this news release.