Alamos and Laminco Sign Option Agreement.VANCOUVER, British Columbia--(BUSINESS WIRE)--June 14, 1999-- Alamos Minerals (VSE See DOS/VSE. VSE - Virtual Storage Extended :AAS) Laminco(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :LMR LMR Land Mobile Radio LMR Labor-Management Relations LMR Last Minute Resistance LMR Living Marine Resources LMR Longmoor Military Railway (UK) LMR Liquid-Metal Reactor LMR Laser Magnetic Resonance )--Alamos Minerals Ltd. ("Alamos") and Laminco Resources Inc. ("Laminco") are pleased to announce that they have entered into an option agreement (the "Agreement") whereby Alamos can earn up to 70 percent interest in Laminco's San Antonio Gold Property (the "Property") in Mexico. Under the terms of the Agreement, Alamos will invest US$100,000 in private placement for 2,100,000 units of Laminco at a price of CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $0.07 per unit. Each unit will consist of one common Laminco share and one warrant, each warrant exercisable to purchase one additional share for CDN. $0.07 in the first year and CDN. $0.08 in the second year. Alamos can earn 35 percent interest in the Property by successfully completing a production scale metallurgical test on San Antonio ores and a further 35 percent by spending a total of US$4 million in developing the Property over the next four and a half years. A joint venture will be formed when Alamos has earned its 70 percent interest in the Property, with Alamos as the operator. The San Antonio Property is located approximately 140 kilometres east southeast of Hermosillo, Sonora in Mexico. It has been controlled by Laminco since 1993, and over 240 drill holes have established a resource of about 1 million ounces in all categories. Considerable upside potential has been demonstrated by geophysics, geological ground work and drilling. Placer Dome's subsidiary, Minera Can Mex, S.A. de C.V., is actively exploring portions of adjacent areas under a 1996 agreement with Laminco. The Property has an existing infrastructure, including road access, water and power. There is a readily available local labor force in the surrounding area. These advantages will allow Alamos to rapidly and economically proceed with the planned testing, which may be expanded into production if results warrant. Laminco's President, Ed Morrow says, "Laminco is very pleased to have Alamos and its Chairman, Chester Millar, as partners on the San Antonio Property. The experience and track record of Chester and his team are what Laminco has been seeking to help us place the property into production. We have always believed in the low cost potential of the San Antonio 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. and this is truly Alamos' expertise." The Agreement is subject to regulatory approvals. ON BEHALF OF THE BOARD ALAMOS MINERALS LTD. Chester F. Millar, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. ON BEHALF OF THE BOARD LAMINCO RESOURCES INC. Ed Morrow, 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). and the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. neither approve nor disapprove the information contained in this news release. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion