Post by Franko10 ™ on Sept 11, 2004 14:30:51 GMT -5
News Release
January 26, 2000
Candle Lake acquisition accepted by Canadian Venture Exchange
The Canadian Venture Exchange has accepted for filing an option agreement dated Dec. 9, 1999, between the company and Full Time Management Inc. (Maurice O'Bannon) whereby the company has acquired a 100-per-cent interest in 23 mineral claims in the Candle Lake area of Saskatchewan. Consideration is comprised of $500,000 within 10 days of exchange acceptance and 200,000 common shares to be issued within three years as follows: 50,000 common shares within 10 days of exchange acceptance; 50,000 common shares following completion of a minimum of $100,000 in exploration expenditures and subject to an engineering report recommending further exploration of not less than $200,000; 50,000 common shares following completion of a minimum of $300,000 in exploration expenditures and subject to an engineering report recommending further exploration of not less than $300,000; and 50,000 common shares following completion of a minimum of $600,000 in exploration expenditures and subject to an engineering report recommending further exploration of not less than $400,000.
The vendor shall be paid a 2-per-cent gross overriding royalty on production derived from the property, payable annually from commercial productions. The company has the options of reducing the royalty to 1 per cent at any time by making a payment of $5-million to the vendor.
Robert M. Major will receive a finder's fee of $37,500.
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.
January 26, 2000
Candle Lake acquisition accepted by Canadian Venture Exchange
The Canadian Venture Exchange has accepted for filing an option agreement dated Dec. 9, 1999, between the company and Full Time Management Inc. (Maurice O'Bannon) whereby the company has acquired a 100-per-cent interest in 23 mineral claims in the Candle Lake area of Saskatchewan. Consideration is comprised of $500,000 within 10 days of exchange acceptance and 200,000 common shares to be issued within three years as follows: 50,000 common shares within 10 days of exchange acceptance; 50,000 common shares following completion of a minimum of $100,000 in exploration expenditures and subject to an engineering report recommending further exploration of not less than $200,000; 50,000 common shares following completion of a minimum of $300,000 in exploration expenditures and subject to an engineering report recommending further exploration of not less than $300,000; and 50,000 common shares following completion of a minimum of $600,000 in exploration expenditures and subject to an engineering report recommending further exploration of not less than $400,000.
The vendor shall be paid a 2-per-cent gross overriding royalty on production derived from the property, payable annually from commercial productions. The company has the options of reducing the royalty to 1 per cent at any time by making a payment of $5-million to the vendor.
Robert M. Major will receive a finder's fee of $37,500.
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.