Aranlee Signs Letter Agreement With Rio Tinto At El Acay Property In Argentina.SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Oct. 14, 1997--Aranlee Resources Lt(VSE See DOS/VSE. VSE - Virtual Storage Extended :ARB.) Aranlee Resources Ltd. ("Aranlee") has signed a Letter Agreement with Rio Tinto Rio Tinto may refer to:
Porphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. targets in this region (see attached map). A strong alteration zone within intrusives and sediments, occupying an area of about 7 km x 4 km, is centered on Aranlee's property and partially covers Rio Tinto's adjacent Saladillo concession, which is also subject to the Letter Agreement. Initially recognized by the Argentinean government in 1974 as a large porphyry system with rock sample values up to 1.0 percent copper, 40 g/t silver and 0.5 percent lead, the El Acay property was acquired by Aranlee in late 1995. During 1996 and 1997 Aranlee carried out an extensive rock, soil and stream-sediment sampling program comprising over 650 surface samples. A large area of intense alteration covering approximately 3.5 km by 3 km contains multiple gold and copper rock/soil geochemical anomalies
Anomalies is Cephalic Carnage's 4th full-length album. It was released on Relapse Records. The group expanded their sound even more than their previous album, Lucid Interval, and gained more popularity. with values up to 0.5 g/t gold and 0.20 percent copper (see attached map). Under the terms of the Letter Agreement, Rio Tinto can acquire 100 percent of Aranlee's interest in the El Acay property. This interest is held through an agreement with Starcross Properties Ltd., a private company, which in turn has an option-to-purchase agreement with the underlying property owner at El Acay. Aranlee and Starcross have agreed to an amendment to their agreement whereby Aranlee is deemed to have earned its 100 percent interest in El Acay provided that the terms of the Letter Agreement between Rio Tinto and Aranlee are fulfilled. In order to earn its 100 percent interest in the El Acay Property, Rio Tinto must: (a) assume all remaining option payments to the underlying property owner (totaling US$830,000 over 4 years) together with a US$1.0 million cash payment due within 180 days of completion of a bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. ; (b) spend US$2 million in work expenditures over a 5 year period, including a guaranteed US$100,000 in the first year; (c) complete a bankable feasibility study within 5 years; (d) contribute to the agreement its 100 percent-owned Saladillo concession which partially overlaps onto Aranlee's property and (e) cease all existing litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and agree not to pursue any future litigation with respect to the title of Aranlee's El Acay property. Once Rio Tinto acquires a 100 percent interest, Aranlee has the right to buy back up to a 40 percent interest in the combined property within 6 months of the completion of a bankable feasibility study by paying to Rio Tinto 1.75 times the expenditures incurred by Rio Tinto up to that date prorated for the percentage interest sought (maximum 40 percent). If Aranlee elects not to exercise its buy-back right then it will receive a 3 percent NSR NSR abbr. normal sinus rhythm NSR Normal sinus rhythm, see there royalty. The Letter Agreement will be replaced by a formal Option Agreement within 90 days and remains subject to Board and regulatory approvals. 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). has approved the issue of 100,000 common shares of the Company to Dragon Management International Services USA, Inc. as a bonus for providing an unsecured loan Unsecured Loan A loan that is issued and supported only by the borrower's creditworthiness, rather than by some sort of collateral. Notes: Generally, a borrower must have a high credit rating to receive an unsecured loan. of US$500,000 to the Company. These shares will be issued to Dragon Capital Corporation, the original source of the funding and are subject to a one-year hold period which expires on June 25, 1998. There is a map available by contacting the company at the number below or by accessing CCN's Internet Website at http://www.cdn-news.com -0- The Vancouver Stock Exchange neither approves nor disapproves the information contained in this News Release. CONTACT: Aranlee Resources Ltd. Linda North, 602/596-9911 arl@aranlee.com http://www.aranlee.com/arl/ |
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