Alaska Apollo Resources announces letter of intent to develop gold reserves.LEXINGTON Lexington. 1 City (1990 pop. 225,366), seat of Fayette co., N central Ky., in the heart of the bluegrass region; inc. 1832, made coextensive with Fayette co. 1974. , Ky.--(BUSINESS WIRE)--Feb. 27, 1995--Alaska Apollo Resources, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Symbol "APLOF") announced today the execution of a definitive letter of intent with Addwest Minerals, Inc., granting Addwest the option for the further exploration and commercial development of Alaska Apollo's gold and silver reserves. Those properties have been extensively surveyed and have probable gold reserves of 160,000 ounces and silver reserves of 750,000 ounces. Under the terms of the letter and option, Addwest and Alaska Apollo will, at Addwest's option, either merge their respective precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. interests into a jointly owned, publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. , or enter into a joint development agreement under which Addwest would operate and fund the commercial development of the Alaska Apollo properties. Under the joint development option Alaska Apollo would be required to contribute its Alaska properties, would provide no additional development funds and, would receive twenty five percent of the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from operations. The option must be exercised not later than December 31, 1995, and is maintained until that time by payments to Alaska Apollo totaling $85,000. The execution of this letter and option is the result of the efforts of Alaska Apollo's management over the past year to change the gold segment of the company from a non-operating asset Non-Operating Asset Assets that are unnecessary to the ongoing operations of a business. Notes: Sometimes referred to as "redundant assets." See also: Non-operating Cash Flows, Operating Expenses, Operating Income into an asset which will contribute to the continued evolution and growth of the company. CONTACT: Alaska Apollo Resources, Inc., Lexington Timothy F. Guthrie, 606/263-3948 |
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