AntOro Resources' new gold recovery subsidiary for Ottawa's Nepean Bay project.MONTREAL--(BUSINESS WIRE)--June 3, 1997--ANTORO RESOURCES (ME ORE.) AntOro Resources inc. recently created a subsidiary called Comina Resources Inc. ("Comina"). Subject to obtaining regulatory approval, AntOro plans on issuing to its shareholders one (1) share of Comina for each ten (10) shares of AntOro held. Comina will join and lead as operator a consortium of three Quebec and Ontario companies who will undertake geophysical surveying, river bed sampling and sediment recovery from the Ottawa river Ottawa River River, eastern central Canada, the chief tributary of the St. Lawrence River. It rises in the Laurentian plateau of western Quebec and flows west to form the Quebec-Ontario border before joining the St. Lawrence west of Montreal. . These sediments came from the Royal Canadian Mint plant wastes flushed in the river until 1968. The project will be known under the name of "Coentreprise Nepean Bay 1997 Joint Venture Project" ("Nepean Bay"). The three partners- Les Mines JAG judge advocate general (J.A.G.) n. a military officer who advises the government on courts-martial and administers the conduct of courts-martial. The officers who are judge advocates and counsel assigned to the accused come from the office of the judge advocate Ltd., a Montreal firm; 1010522 Ontario Ltd., a private company belonging to Mr. Jim Ford Jim Ford is an American singer-songwriter originally from Harlan County, Kentucky. After living in New Orleans, Ford moved to Los Angeles, and finally settled in Northern California, where he now resides. His music is a mixture of soul, country and folk. and the brothers Al and Harold Cohen Harold Cohen (born St Kilda, Victoria, Australia, 25 November 1881 - died 29 October 1946, South Melbourne, Victoria, Australia) was a Victoria State politician like his grandfather Edward Cohen. Cohen was the son of Montague and Annie Cohen. of Ottawa; and Comina Resources inc., represented by Mr. Serge Beausoleil, its President, signed a final agreement on May 15, 1997. Comina acquired a 33.333 percent interest in the Nepean Bay 1997 Project from Gestion Minexco inc. The acquisition was done by issuing to Minexco 4,000,000 common shares of Comina and to pay a sum of $300,000CAD on or before November 1st 1997. Comina will also issue 690,000 common shares and 200,000 common share purchase warrants of Comina to 1010522 Ontario Ltd. These last shares and warrants will be released as follows: half on the June 17, 1997, an additional 25 percent upon recuperation recuperation /re·cu·per·a·tion/ (-koo?per-a´shun) recovery of health and strength. recuperation, n the process of recovering health, strength, and mental and emotional vigor. of 25,000 ounces of gold from the site, and the balance once a total of 50,000 ounces of gold have been recuperated. The common share purchase warrants allow the holder to acquire additional shares of Comina at $0.40 per share until June 17, 1999. Comina will also assume working capital financing requirements of $500,000 and expenses reimbursements in the amount of $76,000. "Comina will be the operator of this project and will assume the execution of the work to be realized" explained Mr. Beausoleil. "Steps have already been taken to secure financing of $500,000 for work that should take place this summer. We will proceed with geophysical surveys in May, sampling in June, and sediment recovery starting in July. Potential profits will be shared equally between Comina and its partners, once all expenses incurred to recuperate re·cu·per·ate v. To return to health or strength; recover. the sediments have been reimbursed and the Government of Ontario The Government of Ontario refers to the provincial government of the province of Ontario. Its powers and structure are set out in the Constitution Act, 1867. In modern Canadian use, the term "government" refers broadly to the cabinet of the day, elected from the Legislative has received 20 percent of the venture's net profits. The Royal Canadian Mint has long been the most important gold refinery in the western hemisphere, especially during the First World War, when it produced in excess of one million ounces of gold per month for the Bank of England Bank of England, central bank and note-issuing institution of Great Britain. Popularly known as the Old Lady of Threadneedle Street, its main office stands on the street of that name in London. . Until 1968, the effluents were discharged directly into the Ottawa river. Mr. Beausoleil added "We still have to efficiently organize the exploration work and find the core of the alluvial deposits. We have hired some of the best geophysicists in the field in an effort to maximize our efforts." Geophysics GPR (Ground Penetrating Radar) A UWB-based technology that locates objects buried underground. It is used to locate buried lines, storage tanks, pipes and conduits as well as to determine the structural integrity of the ground underneath a road or runway. International Inc., of Longueuil, will conduct the river floor and currents studies using satellite positioning, and underwater survey with radar and sonar. This work has already begun. An independent company specializing in hydrometallurgy hydrometallurgy Extraction of metal from ore by dissolving the metal (as one of its salts) and then recovering it from the solution. The operations usually involved are leaching (dissolving in water), commonly with additional agents; separating the waste and purifying the , called Groupe LMB-SIDAM has already delivered a report which will assist the company in identifying and targeting the most promising zones where the recovery should start. "We are all very enthusiastic," concluded Mr. Beausoleil, "about this new type of mineral exploration and its potential." CONTACT: AntOro Resources Inc. Francois C. Desrosiers, 514/449-0452 514/449-1614 (FAX) or Comina Resources Inc. Serge Beausoleil, 514/231-3936 514/388-5701 (FAX) |
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