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Post by Franko10 ™ on Oct 13, 2005 18:53:45 GMT -5
Shane Resources et al. sell Fort a la Corne interests
2005-10-13 14:11 ET - News Release
Also News Release (C-KPG) Consolidated Pine Channel Gold Corp Also News Release (C-UCA) United Carina Resources Corp
Mr. Richard Walker of Shane reports
Shane Resources Ltd., United Carina Resources Corp. and Consolidated Pine Channel Gold Corp. have reached an agreement with Forest Gate Resources Inc. to sell their combined 45-per-cent interest (Shane 25 per cent, United Carina 10 per cent and Consolidated Pine Channel 10 per cent) in two mineral claims in the Fort a la Corne area of Saskatchewan.
The property consists of two claims totalling 768 hectares and is located along the western flank of the diamondiferous No. 122 kimberlite, owned by the DeBeers/Kensington joint venture. The companies will receive their pro rata share of 1.7 million shares and 1.5 million share purchase warrants of Forest Gate Resources. The warrants are exercisable for the next three years at a price of 65 cents.
The companies are exchanging their ownership in the properties for shares in Forest Gate since Forest Gate has an excellent portfolio of diamond properties and the in-house geological expertise to explore and develop these properties.
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Post by Franko10 ™ on Oct 13, 2005 18:56:36 GMT -5
The original properties were owned by these companies:
~~ CONSOLIDATED PINE CHANNEL GOLD CORP. 17.50% ~~ UNITED CARINA RESOURCES CORP. 17.50% ~~ SHANE RESOURCES LTD. 25% ~~ FIRST LABRADOR ACQUISITION INC. 25% ~~ TWIN OAKS MANAGEMENT INC. 15%
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Now the Press Release is saying that Consolidated and United sold their holding ~~ and their holdings consisted of 10% each.
That means that at sometime ~~ both Consolidated and United sold and/or transfered 7.5% each to some unknown entity.
And CMKX had an option with these properties.
By far the best news I have read in a long time! (posted by Pedro)
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