Akiko Gold confirms rights to 20 percent interest in Springpole project.VANCOUVER, B.C.--(BUSINESS WIRE)--Jan. 22, 1996--AKIKO GOLD RESOURCES (VSE See DOS/VSE. VSE - Virtual Storage Extended :AKI) Akiko Gold Resources Ltd. ("Akiko") today rejected the claims (published January 19, 1996) by Gold Canyon Resources Inc. ("Gold Canyon") to have prematurely terminated Akiko's right to acquire a 20 percent interest in the Springpole, Ontario Project, presently being explored by Santa Fe Santa Fe, city, Argentina Santa Fe, city (1991 pop. 341,000), capital of Santa Fe prov., NE Argentina, a river port near the Paraná, with which it is connected by canal. Pacific Gold and Gold Canyon. Pursuant to a letter agreement dated June 23, 1994, Akiko's back- in rights to Springpole could be terminated only upon the completion of a comprehensive feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. sufficient "to determine if the Property should be placed into production". In a transparent attempt to prematurely terminate these rights, Gold Canyon purported to commission and complete such a study well in advance of the discovery of economically recoverable reserves, in clear contravention A term of French law meaning an act violative of a law, a treaty, or an agreement made between parties; a breach of law punishable by a fine of fifteen francs or less and by an imprisonment of three days or less. In the U.S. of industry practice and the agreement between the parties. Akiko has obtained legal advice confirming that its back-in-rights remain intact and that those rights will not be affected until such time as work on the Springpole Project justifies a bona fide [Latin, In good faith.] Honest; genuine; actual; authentic; acting without the intention of defrauding. A bona fide purchaser is one who purchases property for a valuable consideration that is inducement for entering into a contract and without suspicion of being production feasibility study. In the interim, investors are cautioned against reliance upon statements made by Gold Canyon in this regard. Because the Springpole Project contains a large gold bearing system, in which Santa Fe Pacific Gold is seeking to discover a potentially mineable zone of economic 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. , Akiko will continue to monitor the results of exploration programs for the purpose of an eventual decision on the exercise of its back-in-rights. -0- On Behalf of the Board of Directors "Stephen E. Flechner" President & Chief Executive Officer CONTACT: Akiko Gold Resources Ltd. Christine Reynolds, (604) 689-0988 |
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