Apiva Announces It Has Acquired An Interest In Mineral Exploration Lands In Mongolia.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--May 21, 2002 Apiva Ventures Limited (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :APVLF) - (the "Company") announced today that it has acquired a 37.5% working interest in approximately 240,000 hectares of mineral exploration lands in the South Gobi desert Gobi Desert Desert, Central Asia. One of the great desert and semidesert regions of the world, the Gobi stretches across Central Asia over large areas of Mongolia and China. of Mongolia by entering into an Option and Joint Venture Agreement (the "Agreement") with Bell Coast Capital Corporation ("Bell"), a Canadian public company. The property is located approximately 100 Kilometers west-south-west of Ivanhoe Mines Ltd.'s Oyu Tologoi gold-copper discovery that contains an estimated 10 million ounces of gold. The property regionally lies within the Barga Terrane ter·rane also ter·rain n. 1. A series of related rock formations. 2. An area having a preponderance of a particular rock or rock groups. [Alteration of terrain.] tectonic unit. This consists of Paleozoic volcanic, sedimentary and intrusive rocks (Geol.) rocks which have been forced, while in a plastic or melted state, into the cavities or between the cracks or layers of other rocks. The term is sometimes used as equivalent to plutonic rocks ltname>. It is then contrasted with effusive or volcanic rocks. See also: Intrusive and Mesozoic sedimentary cover rocks. These units are intruded by a complex variety of Feldspar feldspar (fĕl`spär, fĕld`–) or felspar (fĕl`spär), an abundant group of rock-forming minerals which constitute 60% of the earth's crust. Porphyry Porphyry, Greek scholar Porphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. , Feldspar-Hornblende Porphyry and Quartz-Feldspar Porphyry stocks and dykes. The Barga Terrane is interpreted as having formed in ocean-margin environment with active island-and-Andean type magnetic arcs, rifted basis, accretionary wedges and continental margins. This geological setting is viewed favorably for a wide range of metal deposits. Under terms of the Agreement, the Company is required to pay Bell up to US $125,000 in cash and issue 715,000 shares of the Company's common stock. The Company has paid US $40,000 to date and is required to pay US $30,000 within thirty days from the closing of the Agreement and up to an additional US $55,000 within sixty days of closing of the Agreement. The Company will be responsible for 50% of the ongoing exploration and development costs on the property. The acquisition is subject to Bell's acceptance by the Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) . THE SEC AND THE NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). HAVE NOT REVIEWED AND DO NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. This press release contains statements that constitute "forward looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding the receipt of financing necessary to complete the payments of the acquisition and Bell receiving Canadian Venture Exchange approval. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. |
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