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Post by Franko10 ™ on Sept 11, 2004 14:29:58 GMT -5
News Release
December 10, 1999
Purchase of 23 Claim Blocks containing Diamondiferous Kimberlites
Shane Resources Ltd. (CDNX-SEI) wishes to announce that it has reached an agreement to purchase twenty-three claim blocks situated east of Candle Lake, Saskatchewan. The claims consist of a total of 183,000 acres and are located in an area where diamondiferous kimberlites are known to occur. The purchase price of the properties is $500,000. The vendor of the claims, Full Time Management Inc., will also be entitled to a 2% gross over-riding royalty on the production derived from the property. Shane will have the option of reducing the royalty to 1% at any time by making a payment of $5,000,000. A total of 200,000 shares of Shane will also be payable, in increments of 50,000 shares as per Exchange policies. A finders fee will apply in this transaction in accordance with Exchange policy.
Shane also wishes to announce the closing of its private placement totaling $200,000. These funds were raised by the Company issuing 1,000,000 units at a price of $0.20 per unit, each unit consisting of one common share and one non-transferable share purchase warrant. The shares, and any shares to be issued upon the exercise of the warrants, are subject to a hold period expiring November 17, 2000.
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.
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