Post by Franko10 ™ on Sept 11, 2004 14:33:15 GMT -5
News Release
March 31, 2000
Option Agreement to Two Mineral Properties
The Company is pleased to announce that it has entered into an option agreement that gives it the right to acquire a 100 percent interest in two mineral properties in the Rottenstone area of Northern Saskatchewan. The properties are located 150 kilometers northeast of LaRonge, near the former Rottenstone mine, which when in production produced ore grading 3.23% nickel, 1.83% copper, 4.79 grams per ton platinum, 3.92 grams per ton palladium, 1.03 grams per ton gold and 6.85 grams per ton silver. The area has potential to host other deposits like Rottenstone. A 10,000-foot diamond drill project is underway on a neighboring property. Payment for the property will be $80,000 and a total of up to 200,000 shares of Shane Resources Ltd., in increments of 50,000 shares as per Exchange Policies.
The Company has also arranged a non-brokered private placement of one million special warrants at a price of $0.50 per special warrant, for a total of $500,000. Each special warrant is convertible, for no additional consideration, into one unit of the company comprising of one flow-through share and one non-transferable share purchase warrant. Each share purchase warrant shall entitle the holder to purchase one additional common share in the capital of the Company at a price of $0.60 for a period of one year from closing.
The Company intends to file an annual information form (A.I.F.) with the B.C. Securities Commission. Upon the filling, any securities issued pursuant to this private placement or upon exercise of the share purchase warrants shall be subject to a hold period expiring four months from closing.
The proceeds of the private placement will be used to advance the Company's diamond, platinum, palladium and gold properties.
The property acquisition and private placement are subject to regulatory approval and will not result in a change of control. A finder's fee will apply in this transaction in accordance with the Exchange Policy.
ON BEHALF OF THE BOARD OF DIRECTORS OF SHANE RESOURCES LTD.
R.G. Walker
President
The Canadian Venture Exchange has neither approved nor disapproved the contents of this news release.
March 31, 2000
Option Agreement to Two Mineral Properties
The Company is pleased to announce that it has entered into an option agreement that gives it the right to acquire a 100 percent interest in two mineral properties in the Rottenstone area of Northern Saskatchewan. The properties are located 150 kilometers northeast of LaRonge, near the former Rottenstone mine, which when in production produced ore grading 3.23% nickel, 1.83% copper, 4.79 grams per ton platinum, 3.92 grams per ton palladium, 1.03 grams per ton gold and 6.85 grams per ton silver. The area has potential to host other deposits like Rottenstone. A 10,000-foot diamond drill project is underway on a neighboring property. Payment for the property will be $80,000 and a total of up to 200,000 shares of Shane Resources Ltd., in increments of 50,000 shares as per Exchange Policies.
The Company has also arranged a non-brokered private placement of one million special warrants at a price of $0.50 per special warrant, for a total of $500,000. Each special warrant is convertible, for no additional consideration, into one unit of the company comprising of one flow-through share and one non-transferable share purchase warrant. Each share purchase warrant shall entitle the holder to purchase one additional common share in the capital of the Company at a price of $0.60 for a period of one year from closing.
The Company intends to file an annual information form (A.I.F.) with the B.C. Securities Commission. Upon the filling, any securities issued pursuant to this private placement or upon exercise of the share purchase warrants shall be subject to a hold period expiring four months from closing.
The proceeds of the private placement will be used to advance the Company's diamond, platinum, palladium and gold properties.
The property acquisition and private placement are subject to regulatory approval and will not result in a change of control. A finder's fee will apply in this transaction in accordance with the Exchange Policy.
ON BEHALF OF THE BOARD OF DIRECTORS OF SHANE RESOURCES LTD.
R.G. Walker
President
The Canadian Venture Exchange has neither approved nor disapproved the contents of this news release.