Bolivar to Seek Financing to Develop Tomi Gold Project.TORONTO--(BUSINESS WIRE)--Jan. 6, 1997--BOLIVAR GOLDFIELDS n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). BVG BVG Bundesverfassungsgericht (highest German court) BVG Bureau du Vérificateur Général du Canada (auditor general) BVG Best Value Guarantee BVG Berliner Verkehrs Gesellschaft BVG Borrowdale Volcanic Group .) Bolivar Goldfields Ltd. (the "Company") is pleased to report it will proceed with development of its first gold mine, situated on the Tomi property in eastern Venezuela. The production decision was based on a recently completed 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. which concluded the three orebodies at Tomi have proven and probable mineable reserves of 2,962,000 tonnes averaging 3.68 g/t gold containing approximately 338,000 oz. gold. The project is expected to produce approximately 48,000 oz. gold annually at an average operating cost US$191 per oz. over the forecast 7 year mine life (average operating cost of US$151 per oz. for the first three years of operation). In order to arrange financing and begin development at Tomi, the Company has retained Endeavour Financial Corporation to structure, arrange and evaluate project debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay alternatives. Endeavour Financial has significant and extensive experience in the financing of mining projects in Latin America, including the first major project loan for a Chilean gold project and the first gold loan for a mining project in Uruguay. Such specialized financial skills will greatly enhance the ability of the Company to negotiate optimum financial terms for the Tomi project. The Company also reports that Vengold Inc. ("Vengold") has decided not to exercise its right to acquire a 50 percent interest in the Tomi project. Under an agreement made effective September 1, 1993, Vengold obtained the right to "back-in" and acquire up to 50 percent of the Company's interest in one or more of certain Venezuelan properties by reimbursing the Company for all of its costs of acquisition, exploration and obtaining feasibility studies. Vengold had until December 27, 1996 to exercise this right on the Tomi project. Vengold stated in a letter dated December 19, 1996, that it was waiving its rights and interests in the Tomi project under the back-in agreement. In addition, the Company states it has received a receipt for its final prospectus Final Prospectus A legal document stating the price of a newly issued security, the delivery date, and other facts that are important for investors. Notes: The final prospectus must be given to every investor who purchases a new issue of registered securities. dated December 23, 1996 from the Ontario Securities Commission The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown corporation which reports to the Ontario legislature through the Minister of Finance. . The prospectus qualified for distribution 3,500,000 Units, priced at $1.15 per Unit, comprised of 3,500,000 common shares and 1,750,000 share purchase warrants. -0- NO STOCK EXCHNAGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN. CONTACT: Bolivar Goldfields Ltd. Messrs. Mauro Coppola, 416/955-4554 416/955-1206 (FAX) or Bolivar Goldfields Ltd. Steven A. Dawson, 416/955-4552 416/955-1206 (FAX) |
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