Canuc suspends negotiations to form joint venture with Leadville Corporation.TORONTO--(BUSINESS WIRE)--Feb. 4, 1997--Canuc Resources Corporation (Canadian Dealing Network Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. : CANC CANC Cancelled CANC Cairo Air Navigation Center CANC Catholic Apostolic National Church CANC Cambodian-American Network Coalition .)("Canuc" or the "Company") announced today that it and Leadville Corporation have been unsuccessful in concluding a joint venture to develop the Diamond Resurrection resurrection (rĕz'ərĕk`shən) [Lat.,=rising again], arising again from death to life. The emergence of Jesus from the tomb to live on earth again for 40 days as told in the Gospels has been from the beginning the central fact of property of Leadville in Colorado. Mr. Hubert J. Mockler, President of Canuc advised, "Under terms of a Letter of Intent signed on August 15, 1996, the parties anticipated signing a formal joint venture agreement and starting work on the property in late 1996. Since that time, Canuc's Nambija project in Ecuador has assumed priority and will require the full focus of the Company's resources. "Accordingly, Canuc has suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. discussions with Leadville at this time. We expect the opportunity to renew our negotiations will arise again at some future date. However, for the time being Canuc has concluded that the scope of the Ecuadorean project is so large and its potential so great that, at present, no other project should be permitted to jeopardize jeop·ard·ize tr.v. jeop·ard·ized, jeop·ard·iz·ing, jeop·ard·izes To expose to loss or injury; imperil. See Synonyms at endanger. this opportunity." CONTACT: Canuc Resources Corporation Hubert J. Mockler, 416/ 861-1422 |
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