Post by Franko10 ™ on Oct 12, 2004 12:59:00 GMT -5
VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--June 13, 1997-- Consolidated Pine Channel Gold Corp. (VSE KPG.) Mr. Dale W. Hoffman, President of Consolidated Pine Channel Gold Corp. (the "Company"), is pleased to announce that the Vancouver Stock Exchange (the "Exchange") has now accepted for filing the Letter Option Agreement (the "Option") dated March 10, 1997, between the Company and Minera Cascabel S.A. de C.V. (the "Optionor") pursuant to which the Company or its Mexican assignee may earn a 100 percent undivided interest in the Don David gold property (the "Property") adjoining the El Sauzal property of Francisco Gold, in Chihuahua state, Mexico.
The option may be exercised and the interest earned by the Company paying to the Optionor US$150,000, incurring cumulative exploration costs of $3,000,000 and issuing a total of 500,000 shares to the Optionor. An initial payment of US$50,000 was made on signing the Option, and the balance of US$100,000 will now be paid. The required exploration expenditures will be incurred as follows: -0-
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 COPYRIGHT 1997 Business Wire COPYRIGHT 2004 Gale Group
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