Caribgold Resources Inc. Acquires 369 Claim Lac Rocher Propsect.TORONTO--(BUSINESS WIRE)--March 9, 1999--CaribGold Resources Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CG) reports that it has agreed to acquire a 100% interest, subject to a 1% net smelter return, in a 369 block of mineral claims located in the Lac Rocher area of northwestern Quebec in a transaction with a private party. The terms of the agreement call for an immediate payment of $108,680 and the issuance of 867,732 common shares of CaribGold to the vendor. The shares will be issued in two equal installments of 433,866 shares, one installment due immediately and the second installment on or before March 8, 1999. CaribGold has the right to purchase the 1% net smelter return at any time for $1.5 million. The transaction is subject to Board and Regulatory approvals. The property covers a large four to six kilometer kilometer one thousand (103) meters; 3280.83 feet; five-eighths of a mile; abbreviated km. diameter complex magnetic high covering a layered ultrabasic ul·tra·ba·sic adj. Containing magnesium and iron and only a very small amount of silica. Used of igneous rock. ultrabasic Containing magnesium and iron and only a very small amount of silica. intrusive in·tru·sive adj. 1. Intruding or tending to intrude. 2. Geology Of or relating to igneous rock that is forced while molten into cracks or between other layers of rock. 3. Linguistics Epenthetic. including peridotites, pyroxenites and gabbros. These 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. environments may host copper-nickel and precious metal deposits. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion