Akiko Gold - Springpole Disposition and Moyie Lake Drilling.VANCOUVER, British Columbia--(BUSINESS WIRE)--April 30, 1996-- SPRINGPOLE, ONTARIO: Akiko Gold has agreed to settle its dispute with Gold Canyon Resources by selling its 20 percent back-in right to the Springpole, Ontario Project. The disposition and settlement are subject to approval by 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). , and conditioned upon payment by Gold Canyon to Akiko of $1.6 million in two installments within 97 days after such approval. If the transaction is consummated, Akiko will be entitled to a royalty of U.S. $2 for each ounce of gold (or gold equivalent) produced from Springpole in excess of 1.5 million ounces. Gold Canyon will have the right to buy-out the royalty by paying Akiko U.S. $2.1 million within three years. Akiko Gold entered into the agreement due to the uncertainties and high costs inherent in the previously drilled Springpole Project. Akiko intends to utilize the funds to pursue highly prospective gold opportunities. MOYIE LAKE Moyie Lake is a small, narrow lake in southern British Columbia, located along the Moyie River. While building the Crowsnest Pass Railroad, this was the hardest part to build the tracks. The walls of the land around it is very steep and short. , BRITISH COLUMBIA British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography : Quest International Quest International was a major producer of flavors and fragrances with sales of £560 million in 2005[1] before its acquisition by rival Givaudan. Quest created and marketed flavours and fragrance concepts and solutions for the fast moving consumer goods industries. Resources Corporation, formerly Consolidated Ramrod ram·rod n. 1. A rod used to force the charge into a muzzleloading firearm. 2. A rod used to clean the barrel of a firearm. 3. A harshly demanding overseer; a disciplinarian. tr.v. Gold, has announced renewed drilling at its Vine project, which includes Akiko's Moyie Lake claims, in southeastern B.C. Drilling will test a massive sulfide target believed to be similar to Cominco's nearby world class Sullivan Mine Sullivan Mine is an underground mine located in Kimberley, British Columbia, Canada; it has a complex orebody, made up primarily of zinc sulfide, lead sulfide, and iron sulfides. orebody. Downhole geophysics (in the two previously drilled discovery holes), indicates that the massive sulfide 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. is reportedly continuous, and that the main portion of the deposit appears to lie Southwest of the discovery holes. Current drilling is expected to intercept the target at a depth of 1600 feet. Further drilling of the vein system will attempt to expand the previously outlined resources of lead, zinc, silver and gold. On Behalf of the Board of Directors Stephen E. Flechner President & Chief Executive Officer CONTACT: Akiko Gold Resources Ltd. Christine Reynolds 604/689-0988 or Akiko Gold Resources Ltd. Fran Tester 303/298-1663 INTERNET: http://www.aki-res.com |
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