(CMB) CAMNOR RESOURCES - DRILLING PROGRAM COMMENCES ON WILLOUGHBY.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , B.C.--(BUSINESS WIRE)--July 27, 1995--Mr. Donald A. McLeod, President of Camnor Resources Ltd. today announced that the diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral program has commenced on the Willoughby project, 26 km east of Stewart, B.C. The project is a 50/50 joint venture with Gold Giant Minerals Inc., with Camnor as the operator. The project budget for 1995 is approximately $1.5 million and will include the drilling of a minimum of 10,000 feet. In May 1995, Camnor acquired from 455702 B.C. Ltd. a 75 per cent interest in five separate properties totalling 12,275 Ha (30,322 acres) in the Voisey Bay area of Labrador. A 51 per cent interest has been optioned to Cartaway Container Corp. of Calgary, in return for a committment to expend ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. a minimum of $100,000 in exploration. Camnor will retain a net interest of 36.75 per cent. After 455702 B.C. Ltd. has recouped its acquisition costs, Camnor will receive 75 per cent of any further proceeds, in cash and/or shares, received by 455702 B.C. Ltd. Cartaway has further negotiated the option to acquire an additional 24 per cent, potentially increasing its interest to 75 per cent, subject to issuing 200,000 shares in the common equity of Cartaway. If Cartaway exercises its option to increase its interest to 75 per cent the Voisey Bay claims will be beneficially held by Cartaway as to 75 per cent, Camnor as to 18.75 per cent and 455702 as to 6.25 per cent with the costs and expenses prior to Commercial Production being borne 100 per cent by Cartaway. The Company has also been advised by Cartaway that an airborne airborne /air·borne/ (ar´born) suspended in, transported by, or spread by air. airborne, adj carried through the air. In health care settings, viruses or bacteria may become airborne, e.g. Magnetometer and Electromagnetic electromagnetic /elec·tro·mag·net·ic/ (-mag-net´ik) involving both electricity and magnetism. electromagnetic pertaining to or emanating from electromagnetism. survey will commence shortly. -0- CAMNOR RESOURCES LTD. Donald A. McLeod, President The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release. CONTACT: James D. Romano, Manager Investor Relations Investor relations The process by which the corporation communicates with its investors. 604/687-7545 604/689-5041 (Fax) |
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