Post by Franko10 ™ on Oct 2, 2004 14:02:52 GMT -5
Claimstaker Resources: Property Acquisition
VANCOUVER, BRITISH COLUMBIA--The Management of Claimstaker
Resources Ltd. (VSE symbol - CLN) is pleased to announce that it
has signed a Letter of Intent for an Option to Acquire up to a 60
percent interest in the 336.85 hectare, Los Hilos Property located
in the Uruachi mining district, State of Chihuahua, Mexico.
In order to maintain its option, Claimstaker must make cash
payments as follows:
1. $10,000 at signing the Agreement and after completion of due
diligence satisfactory to CLN (Claimstaker has until May 30th,
1999 to complete its due diligence);
2. $15,000 at 12 month anniversary;
3. $20,000 at 24 month anniversary;
4. $25,000 at 36 month anniversary ; and
5. $30,000 at 48 month anniversary.
(Plus applicable Mexican taxes payable. All amounts in US
Dollars)
In addition, in order to maintain its Option, Claimstaker must
issue a total of 250,000 shares in 50,000 share increments
commencing 6 months from the anniversary of the agreement and then
annually commencing 12 months from the anniversary of the
agreement.
Also, in order to maintain its Option, Claimstaker is to fund a
total of $2.2 million Canadian in work programmes on the property
over the next four years with $200,000 to be funded in the first
year.
Claimstaker can earn an additional 10 percent interest to bring
its total interest to 60 percent by funding a Pre-Feasibility
study to a minimum cost of $250,000.
The Los Hilos property has had periodic, active mining since the
mid-1700's and is reported to have produced 133,400 tonnes at 4.21
grams per tonne Au (0.12 opt) and 315.87 grams per tonne Ag (9.3
opt) between 1927-30 and 1951-52, two separate periods of
activity.
Recent sampling by the Vendor and others, Golden Goliath Resources
Ltd., has confirmed anomalous gold and silver values as well as
anomalous mercury, arsenic and antimony.
This Agreement is subject to the approval of the Board of
Directors of Claimstaker and appropriate regulatory authorities.
On behalf of the Board of Directors,
Richard Somerville, President and CEO
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Claimstaker Resources Ltd.
Mr. Robert Veitch
Investor Relations
1-888-236-5200
Website: www.claimstakerresources.com
E-mail: cln@direct.ca
The Vancouver Stock Exchange has neither approved nor disapproved
of the information contained herein.
VANCOUVER, BRITISH COLUMBIA--The Management of Claimstaker
Resources Ltd. (VSE symbol - CLN) is pleased to announce that it
has signed a Letter of Intent for an Option to Acquire up to a 60
percent interest in the 336.85 hectare, Los Hilos Property located
in the Uruachi mining district, State of Chihuahua, Mexico.
In order to maintain its option, Claimstaker must make cash
payments as follows:
1. $10,000 at signing the Agreement and after completion of due
diligence satisfactory to CLN (Claimstaker has until May 30th,
1999 to complete its due diligence);
2. $15,000 at 12 month anniversary;
3. $20,000 at 24 month anniversary;
4. $25,000 at 36 month anniversary ; and
5. $30,000 at 48 month anniversary.
(Plus applicable Mexican taxes payable. All amounts in US
Dollars)
In addition, in order to maintain its Option, Claimstaker must
issue a total of 250,000 shares in 50,000 share increments
commencing 6 months from the anniversary of the agreement and then
annually commencing 12 months from the anniversary of the
agreement.
Also, in order to maintain its Option, Claimstaker is to fund a
total of $2.2 million Canadian in work programmes on the property
over the next four years with $200,000 to be funded in the first
year.
Claimstaker can earn an additional 10 percent interest to bring
its total interest to 60 percent by funding a Pre-Feasibility
study to a minimum cost of $250,000.
The Los Hilos property has had periodic, active mining since the
mid-1700's and is reported to have produced 133,400 tonnes at 4.21
grams per tonne Au (0.12 opt) and 315.87 grams per tonne Ag (9.3
opt) between 1927-30 and 1951-52, two separate periods of
activity.
Recent sampling by the Vendor and others, Golden Goliath Resources
Ltd., has confirmed anomalous gold and silver values as well as
anomalous mercury, arsenic and antimony.
This Agreement is subject to the approval of the Board of
Directors of Claimstaker and appropriate regulatory authorities.
On behalf of the Board of Directors,
Richard Somerville, President and CEO
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Claimstaker Resources Ltd.
Mr. Robert Veitch
Investor Relations
1-888-236-5200
Website: www.claimstakerresources.com
E-mail: cln@direct.ca
The Vancouver Stock Exchange has neither approved nor disapproved
of the information contained herein.