Post by Franko10 ™ on Oct 12, 2004 12:56:52 GMT -5
VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--March 10, 1997-- Consolidated Pine Ch(VSE KPG.) Mr. Dale W. Hoffman, President of Consolidated Pine Channel Gold Corp. (the "Company"), is pleased to announce that the Company has entered into a Letter Option Agreement (the "Option") with Minera Cascabel S.A. de C.V. (the "Optionor") whereby the Company or its Mexican assignee may earn a 100 percent undivided interest in and to the Don David gold property (the "Property") which adjoins the El Sauzal property of Francisco Gold in Mexico.
The Company has been granted the exclusive option to acquire an undivided 100 percent interest in the Property by paying a total of US$150,000, by incurring a cumulative of $3,000,000 in exploration expenditures and by issuing 500,000 shares of the Company. An initial payment of US$50,000 was payable on signing the Option and the balance of US$100,000 is payable to the Optionor upon receipt of Vancouver Stock Exchange (the "Exchange") acceptance of the Option. The exploration expenditures totalling $3,000,000 are to be incurred as follows:
Date Amount Cumulative By December 31, 1997 $1,000,000 $1,000,000 By December 31, 1998 $1,000,000 $2,000,000 By December 31, 1999 $1,000,000 $3,000,000
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