Post by Franko10 ™ on Sept 11, 2004 14:28:31 GMT -5
News Release
July 20, 1999
The Company is very pleased to announce that it has reached an agreement with the James Smith Cree Nation to earn a 100% interest in the mineral rights to approximately 35,000 acres in the Fort a la Corne area of Saskatchewan. The agreement calls for Shane Resources Ltd. to make cash payments of $7,500.00 and spend $50,000.00 on exploration for diamonds on the property over a two year period. A Net Smelter Royalty of 2% would be payable to the James Smith Cree Nation from any resulting production of diamonds from the property.
Shane now owns the mineral rights to about 45,000 contiguous acres in the area, making the Company one of the largest participants in the Fort a la Corne area. The Company has completed geophysical surveys on the ground originally held and plans to conduct both airborne and ground surveys on the new acquisition. Previous results indicate the possibility of kimberlite bodies on Shane's property. Over 80 kimberlite pipes have been discovered at Fort a la Corne, making it one of the largest kimberlite fields in the world.
Two other exploration programs are being carried out just to the north of Shane's property, with both programs including diamond drilling in 1999. The Company looks forward to working with the James Smith Cree Nation at Fort a la Corne in the months and years to come.
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.
July 20, 1999
The Company is very pleased to announce that it has reached an agreement with the James Smith Cree Nation to earn a 100% interest in the mineral rights to approximately 35,000 acres in the Fort a la Corne area of Saskatchewan. The agreement calls for Shane Resources Ltd. to make cash payments of $7,500.00 and spend $50,000.00 on exploration for diamonds on the property over a two year period. A Net Smelter Royalty of 2% would be payable to the James Smith Cree Nation from any resulting production of diamonds from the property.
Shane now owns the mineral rights to about 45,000 contiguous acres in the area, making the Company one of the largest participants in the Fort a la Corne area. The Company has completed geophysical surveys on the ground originally held and plans to conduct both airborne and ground surveys on the new acquisition. Previous results indicate the possibility of kimberlite bodies on Shane's property. Over 80 kimberlite pipes have been discovered at Fort a la Corne, making it one of the largest kimberlite fields in the world.
Two other exploration programs are being carried out just to the north of Shane's property, with both programs including diamond drilling in 1999. The Company looks forward to working with the James Smith Cree Nation at Fort a la Corne in the months and years to come.
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.