Altai Resources Inc. joint ventures The Lac St. Pierre Gas And Gas Storage property.TORONTO--(BUSINESS WIRE)--March 19, 1997--Altai Resources Inc.(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ATI (ATI Technologies Inc., Markham Ontario, http://ati.amd.com) A leading manufacturer of graphics chips and display adapters. Founded in 1985 by K. Y. Ho, Benny Lau and Lee Lau, ATI chips and boards are widely used by OEMs. ) Altai Resources Inc. (ATI, TSE; US Sec. Rule 12g3-2(b) File # 82-2950) and its partner, Petro St. Pierre Inc. have signed an option agreement with Great Legends Mining Inc., a Montreal-based private company, with respect to the Lac St. Pierre gas and gas storage property, Sorel Sorel (sôrĕl`), city (1991 pop. 18,786), S Que., Canada, at the confluence of the St. Lawrence and Richelieu rivers. It is a grain-shipping center with an important shipbuilding industry. area, Quebec. The property of 620 square kilometers is located 100 kilometers east of Montreal Of Montreal is an American indie pop band formed in Athens, Georgia, fronted by Kevin Barnes. It was among the second wave of groups to emerge from The Elephant 6 Recording Company. in the industrial heartland of Quebec. To date 25 percent of the property has been covered by seismic surveys. Twenty-two potential shallow (less than 150 meters) natural gas reservoirs gas reservoir In geology, a naturally occurring storage area, characteristically a folded rock formation, that traps and holds natural gas. The reservoir rock must be permeable and porous to contain the gas, and it has to be capped by impervious rock in order to form an with a total possible volume of 29 billion cubic feet have been outlined. Two of these reservoirs have been drilled by Altai with gas discoveries. The greatest value of the reservoirs is in gas storage to take advantage of the peak/off peak price differential in gas consumption. Altai Resources Inc. has approximately 55 percent interest in the project. In 1996 additional seismic survey programs aggregating to $160,000 for shallow as well as deep (600 meters or more) gas reservoirs were carried out by Altai. Partial interpretation received to date indicates good possibility of deep gas potential. Great Legends Mining Inc. may earn 50 percent interest in the project by making exploration-development expenditures of 3 million dollars and cash payments aggregating to $550,000 over four years. The transaction is subject to regulatory approval. CONTACT: Altai Resources Inc. Dr. Niyazi Kacira, 416/869-1338 416/869-1238 (FAX) altai@arex.com (Email) http://www.info-mine/altai/ (Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the ) or Mr. Louis Hoel, 416/458-4635 or Mr. Guy Schierau, 416/523-9311 |
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