Post by Franko10 ™ on Oct 15, 2005 20:40:34 GMT -5
Shane Resources et al. sell Fort a la Corne interests
2005-10-13 14:11 ET - News Release
See News Release (C-SEI) Shane Resources Ltd
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.
There is only one way to happiness, and that is to cease worrying things which are beyond the power of our will.