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CORRECTION: Nufort Resources Inc. -- Clavos Property, Timmins, Ontario Area Update And Proposed Amalgamation With Mikotel Networks Inc.


Business Editors

NOTE TO EDITORS: This is a correction to the Nufort Resources

Inc. release sent out Feb. 28, 2000. Changes

were made to the last paragraph. The complete

corrected release follows:

TORONTO--(BUSINESS WIRE)--Feb. 29, 2000

(CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. :NRSR NRSR Non-Spinning Reserve Service (power generation) .)

Shares Issued: 8,676,579 Fully Diluted :12,426,579

Shares of Nufort Resources Inc. were halted from trading on the Toronto Stock Exchange Toronto Stock Exchange (TSE)

Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options.
 and subsequently delisted on December 23, 1999. Management had applied for a CDNX CDNX

See Canadian Venture Exchange (CDNX).
 listings prior to this event. This listing is in abeyance A lapse in succession during which there is no person in whom title is vested. In the law of estates, the condition of a freehold when there is no person in whom it is vested. In such cases the freehold has been said to be in nubibus (in the clouds), in pendenti  and will be refiled under the industrial category if shareholders approve the proposed merger with Mikotel Networks Inc., a privately held developer of Linux-based internet communication software and Net devices, at the Annual and Special Meeting which has been set for April 24, 2000. The company has been and remains in compliance with all 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.  and Ontario Corporation Act provisions. The shares of the company can now be traded on the Toronto Over the Counter Market under the symbol NRSR.

Mining Property Status:

All mining claims remain in good standing. The 20-claim Clavos gold project, which ties on immediately to the east of the recently announced Kinross Gold Kinross Gold Corporation (TSX: K, NYSE: KGC) is a Canadian gold mining company. It is the seventh largest primary gold producer in the world.[1] See also
  • Gold as an investment
  • Gold mining
References

1. ^ Kinross Gold.
 Corp.-United Tex-Sol Mines Inc. high grade gold discovery, has been converted into a mining lease. Final documentation is pending from the Ontario Ministry of Northern Development and Mines. An Induced Polarization Survey and a three widely-spaced drill-hole program conducted in 1996-97 on the Clavos Property indicated the presence, on strike, of at least one thousand metres of the prospective gold zones. Discussions have been held with United Tex-Sol as to a possible joint venture or acquisition of the property. No decision has yet been made as to the disposition of the property.

The Directors have retained a consultant to prepare a fair market value report on all of Nufort's mineral properties so that a special resolution can be presented to the shareholders at the April 24, 2000 Annual and Special Meeting in order that the Company may be able to deal with the mining assets in the event that the proposed alteration of the company's business objectives and the amalgamation or takeover of Mikotel Networks Inc. is approved by the shareholders and Regulatory Bodies having jurisdiction over the transaction.

A circular describing the proposed special resolutions along with the Annual meeting material will be mailed to the shareholders of Record Date March 20, 2000.

Subject to the completion of documentation, the Company is proceeding with the $400,000 private placement which was approved by shareholders at the May 9th 1999 Annual and Special meeting. The placement consists of 2 million special warrants at $0.20 per special warrant, comprising one common share and one warrant exercisable into one common share at $0.20 per share for a two year period.

NUFORT RESOURCES INC. (signed) James M. Brady For other persons named James Brady, see James Brady (disambiguation).

James M. Brady, known as Jim Brady, is an American journalist and the Executive Editor of the washingtonpost.com since November 2004.
, 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.  

The contents of this press release have neither been approved nor disapproved by any Regulatory Body.

NUFORT RESOURCES INC. Suite 408, 133 Richmond Street West, Toronto, Ontario Canada M5H 2L3 Tel: (416) 368-0114 Fax: (416) 368-0198
COPYRIGHT 2000 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2000, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Feb 29, 2000
Words:514
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