Cayo Resources - Reorganization - Acquisition of Alberta Diamond Exploration Properties.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--April 28, 1997-- Cayo Resources Inc. (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. CAYO.) CAYO Resources Inc. has acquired a new asset and is presently completing its reorganization. ALBERTA PROPERTIES - BUFFALO HEAD CAYO has acquired a 40 percent interest in Metallic Mineral Exploration Permits covering approximately 23 million acres in the Archaean Buffalo Head Craton craton (krā`tŏn): see continent. in northern Alberta Norhern Alberta is a region located in the Canadian province of Alberta. Its primary industry is oil and gas, with large heavy oil reserves being exploited at the Athabasca Oil Sands and Wabasca Area in the east of the region. . The remaining 60 percent interest is held by a joint venture of Pure Gold Resources Inc. (T.PUG - 9 percent), Ashton Mining of Canada Ltd. (T.ACA ACA - Application Control Architecture - 25.5 percent) and Alberta Energy Corporation (25.5 percent). Some of these claim areas are contiguous with the Pure Gold/Ashton/Alberta Energy Buffalo Hills Joint Venture. The property is subject to a 2 percent Gross Overriding Royalty in favor of the staker. A detailed airborne survey is planned for the near term. Previous airborne surveys have shown geophysical anomalies similar to those showing the kimberlites discovered on the Buffalo Hills Joint Venture property, which have been found to be diamondiferous. (Ashton Mining of Canada Ltd. news release, April 25, 1997). Ashton Mining is the operator of the project. ALBERTA PROPERTIES - EDMONTON PROJECT CAYO has also acquired a 50 percent interest in Metallic Mineral Exploration Permits covering approximately 9.3 million acres in east-central Alberta, covering an area roughly from Lake Wabamun to the Saskatchewan border. Although essentially unexplored, this property is believed to be within a kimberlite-lamproite province, and a local prospector has reported the discovery of one 0.392 carat CARAT, weights. A carat is a weight equal to three and one-sixth grains, in diamonds, and the like. Jac. L. Dict. See Weight. diamond and 16 smaller diamonds during recent gravel sampling in the banks of the North Saskatchewan River The North Saskatchewan River is a glacier-fed river flowing east from the Canadian Rockies to central Saskatchewan. It is one of two major rivers that join to make up the Saskatchewan River. within the Edmonton Project. A review of all available airborne geophysical data is planned, based on data recently flown by the Government and by the petroleum industry. A field evaluation and preliminary sampling program are also indicated. BOARD OF DIRECTORS The Company's new board of directors is as follows: Hendrik van der Walt, President and Director. Mr. van der Walt is a Vancouver-based businessman and accountant whose experience includes corporate accounting and audit management in South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. . Wilfred (Wilf) Jones, Director/ Vice-President Exploration. Mr. Jones is a diamond geologist having extensive credentials in diamond exploration and discovery with Selection Trust and Ashton Mining Limited. Throughout his career, Mr. Jones has been credited with finding a number of economic alluvial al·lu·vi·al adj. Of, relating to, or found in alluvium: alluvial soil; alluvial gold. alluvial Adjective of or relating to alluvium Noun and kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. diamond deposits, including the Argyle Pipe in the Kimberley area of Western Australia Western Australia, state (1991 pop. 1,409,965), 975,920 sq mi (2,527,633 sq km), Australia, comprising the entire western part of the continent. It is bounded on the N, W, and S by the Indian Ocean. Perth is the capital. , owned 40 percent by Ashton Mining of Australia. Gregory Harris, Director/Secretary. Mr. Harris is a Calgary-based securities lawyer who will be responsible for overseeing the Company regulatory matters. FINANCING The Company is in preliminary discussions with financial institutions and expects to announce a sponsoring broker and financing plans within the next two weeks. OTHER MATTERS The Company intends to make application for listing on the Alberta Stock Exchance. Currently, shares in the Company trade over-the-counter and are reported via the Canadian Dealing Network, Inc. CONTACT: Cayo Resources Inc. Hendrik van der Walt, 604/687-0300 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion