Abacus Minerals Corp. announces Teck has completed its legal due diligence covering Abacus' Niblack Volcanogenic Massive Sulphide project.VANCOUVER, B.C.--(BUSINESS WIRE)--March 1, 1996--Abacus Minerals Corp. announces that further to the News Releases of Nov. 2, Nov. 24 and Dec. 21, 1995, Teck Corp. ("Teck") has completed its legal due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. covering Abacus' Niblack Volcanogenic vol·ca·no·gen·ic adj. Of volcanic origin. Massive Sulphide project in southeastern Alaska. Accordingly, the formal share purchase and option agreement ("the agreement") has been signed and has received the approval of 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). . As part of the agreement, Teck has agreed to purchase by way of a private placement 1,600,000 common shares of the company at a price of $1.50 per share for proceeds of $2,400,000. The agreement stipulates that 85% of the proceeds or $2,040,000 must be expended 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. on the ongoing development of the Niblack prospect. In return for Teck's investment, Abacus has granted Teck the right to earn a 51% interest in the Niblack project by carrying out a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. and placing into production any economic ore bodies Abacus defines on the Niblack project. Upon closing of the above private placement, Teck will become the single largest share holder in Abacus with 14.9% of the issued and outstanding shares of Abacus and will be entitled to appoint one member to Abacus' board of directors. The agreement further allows Teck to maintain its percentage interest in Abacus. Tenders for a two drill, 20,000 foot minimum drill program have been let. At this time Abacus anticipates mobilizing crews to Niblack towards the end of March with drilling to commence approximately two weeks later on high priority targets such as the Niblack Mine where 1995 drill hole LO-67 intersected 16.0 feet of VMS (1) (Virtual Memory System) A multiuser, multitasking, virtual memory operating system for the VAX series from Digital. VMS applications run on any VAX from the MicroVAX to the largest unit. See OpenVMS. mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. grading 0.422 oz/ton gold, 4.79 oz/ton silver 5.08% copper and 4.01% zinc and the Dama Zone where 1995 drill hole LO-59 returned 48.5 feet of VMS mineralization grading 0.012 oz/ton gold, 1.70 oz/ton silver, 6.99% copper and 7.60% zinc. -0- Abacus Minerals Corp. (Signed) Steve Todoruk, P. Geo. President Telephone: 604/682-0301 Facsimile: 604/682-0307 Email: abacus@info-mine.com -0- The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. CONTACT: Abacus Minerals Corp., Vancouver Steve Todoruk, 604/682-0301 |
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