Ariel Resources Ltd. corrects...In the news release transmitted earlier today, May 28, 1998, for Ariel Resources Ltd., an incorrect figure was stated in the fifth paragraph. The loss for the second quarter should be $346,954, not $407,450. The complete corrected release follows. CORRECTION FROM SOURCE: Ariel Resources Signs Letter of Intent with Leader Mining.VANCOUVER, B.C.--(BUSINESS WIRE)--May 28, 1998--Ariel Resources Ltd. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :AU) (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :ARLRF) Ariel Resources Ltd. (TSE-AU; United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). Bulletin Board-ARLRF) and Leader Mining International Inc. (ASE-LMN) are pleased to announce that the Companies have signed a Letter of Intent contemplating the acquisition of Ariel Resources by Leader Mining. The final agreement is subject to shareholder ratification The confirmation or adoption of an act that has already been performed. A principal can, for example, ratify something that has been done on his or her behalf by another individual who assumed the authority to act in the capacity of an agent. and the approval of appropriate regulatory bodies. Leader Mining is an aggressive exploration company; having the Knife Lake copper-gold-silver deposit and a number of advanced base metal exploration projects along the Knife Lake Belt of Northeastern Saskatchewan and properties in Voisey's Bay, Labrador. Ariel shares will be converted into Leader shares at a ratio of 12.42:1. Leader Mining will provide an initial cash injection of U.S.$ 2.5 million. The objective is to increase the annual gold production from the present 13,000 ounces projected for 1998 to 50,000 ounces per annum Per annum Yearly. and to increase mineable gold reserves on the property. Management believes that the merger will create an excellent combination of management, resources, and financial strength required to build shareholder value. SECOND QUARTER OPERATING RESULTS Ariel Resources Ltd. reports a loss for the second quarter ending March 31, 1998 of $346,954 compared to a loss of $60,496 for the first quarter ending December 31, 1997. The loss for this quarter compares to a loss of $168,857 for the second quarter of last year. Cash flow from operating activities in this quarter, before changes in non-cash working capital items was $51,295. During this quarter, 23,587 short tons of ore (27,079) were milled having an average grade of 0.17 ounces of gold per ton (0.178) which resulted in production of 3,228 ounces (3,760). Total ounces of gold produced so far this year was 6,335 versus 6,977 ounces for the corresponding period last year. On behalf of the Board of Directors, William C. Bennett, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board.
CONTACT: Ariel Resources Ltd.
Art Charpentier, 604/682-2201 or
1-800-665-7175
http://www.ariel-au.com
e-mail: ariel@istar.ca
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