Buffalo Signs Agreement with Terrawest Minerals to Acquire Chinese Gold Projects.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 20, 2003 Further to its news release of October 2, 2003, Buffalo Gold Ltd. ("Buffalo") is pleased to announce that it has, subject to regulatory approval, reached an agreement with Terrawest Resource Holdings Ltd. ("Terrawest") to acquire all of the shares of Terrawest's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Terrawest Gold Corp. ("TGC TGC The Golf Channel TGC The Game Creators (forum) TGC Trading Card Game TGC Time-Gain Compensation TGC The Gungan Council TGC The Golden Compass (Phillip Pullman book) TGC Take Good Care "). Terrawest has assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. to TGC all of its rights under a Letter of Agreement on Cooperation dated August 30, 2003 with The Gold Group Co. of Guizhou Province (the "Guizhou Gold Group") for the establishment of a Sino-foreign cooperative joint venture company for the purpose of exploring and mining a number of mineral exploration permits in Guizhou Province, Peoples Republic of China. Terrawest has also assigned to TGC all of its rights under a letter of intent with the Geological ge·ol·o·gy n. pl. ge·ol·o·gies 1. The scientific study of the origin, history, and structure of the earth. 2. The structure of a specific region of the earth's crust. 3. A book on geology. Mineral Resource Survey and Development Bureau of Hunan Province dated June 11, 2003 for the exploration and mining of the Xuefeng gold exploration property in Hunan Province. As consideration for the acquisition of TGC, Buffalo will issue to Terrawest 5,000,000 escrowed common shares of Buffalo. In addition, Buffalo has agreed to issue a further 2,000,000 shares to Terrawest upon the completion of a final 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. showing the feasibility of placing any exploration permit forming a part of the Guizhou property into commercial production, provided that such study has confirmed mineable reserves of not less than 2,000,000 ounces of gold. Buffalo's agreement with Terrawest represents the culmination of its search for highly prospective gold exploration properties to augment aug·ment v. aug·ment·ed, aug·ment·ing, aug·ments v.tr. 1. To make (something already developed or well under way) greater, as in size, extent, or quantity: its Alberta diamond properties. Buffalo will not be proceeding with the option agreement, announced November 6, 2002, to acquire a mineral property in northern B.C. nor with the letter of intent with Big Sky Mining Canada Ltd., announced December 23, 2002, to pursue Chinese mineral exploration opportunities, as both have terminated. In connection with the brokered private placement with Octagon Capital Corporation, Buffalo has agreed, subject to regulatory approval, to pay to Saintsbury Management Corp. a finder's fee Finder's fee A fee a person or company charges for service as an intermediary in a transaction. finder's fee The charge levied by a person or firm for putting together a deal. equal to 2% of the proceeds from the placement in consideration of Saintsbury's introduction of Buffalo to Octagon. On behalf of the Board of Directors of BUFFALO GOLD LTD. John V. Tully, President No stock exchange has approved or disapproved the information contained herein. |
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