Chase Resource Corp.: BHP Option Over Batangas, Philippines Projects Terminated.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--April 1, 1997--CHASE RESOURCE (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CQS CQS See Consolidated Quotation System (CQS). .) Mr. Ian Rozier, President announces that BHP BHP blood hydrostatic pressure; the pressure exerted by the blood cells and plasma in the capillaries. Copper Inc., a division of BHP Co. Ltd. of Australia, has not exercised its option agreement to become Operator of, and to earn a 51 percent interest in, Chase's mineral properties in the Province of Batangas, Philippines, which include the Taysan, El Paso El Paso (ĕl pă`sō), city (1990 pop. 515,342), seat of El Paso co., extreme W Tex., on the Rio Grande opposite Juárez, Mex.; inc. 1873. , Archangel archangel, in religion archangel (ärk`ānjəl), chief angel. They are four to seven in number. Sometimes specific functions are ascribed to them. The four best known in Christian tradition are Michael, Gabriel, Raphael, and Uriel. and other projects. The option was inherited by BHP when it took over Magma Copper Company in 1996. BHP retains earn-in and first right of refusal options over other Chase properties outside of the Batangas F.T.A.A. area as well as properties of Delta Gold Mining Corporation. BHP continues to hold 15 percent of the outstanding shares of the Company. Under the November 1995 agreement, BHP's right to representation on the Board of Directors of Chase is dependant on Adj. 1. dependant on - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, contingent upon, dependant upon, dependent on, dependent upon, depending on, contingent it maintaining a 10 percent shareholding in the Company. In light of the proposed amalgamation of Chase and Delta and the dilution it represents to BHP's equity position, the Board has agreed to amend this threshold to 7.2 percent. In a related development, the Company and BHP have terminated an option agreement they held in joint venture to earn up to 100 percent in various exploration areas in Aurora and Nueva Viscaya Provinces in northeast Luzon, from Omni Mining and Development Company. Chase and BHP were participating in the venture on a 30:70 basis. BHP, as operator of the project, has advised Omni that it will not proceed with further expenditures on the properties. Chase is not prepared to maintain the BHP option on its own and accordingly has concurred with the termination of the option. The Company is in negotiations with Omni with respect to certain portions of the property package but no definitive terms have been reached. The Company continues to work on its extensive portfolio of projects in the Philippines and on the Cikondang Gold Mine in West Java West Java (Indonesian: :Jawa Barat) is a province of Indonesia, located on the island of Java. The capital is Bandung. History . CONTACT: Chase Resource Corporation Mr. Ian Rozier, 604/ 685-6851 604/ 685-6493 (FAX) E-mail: ir@chaseresource.com |
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