Chase acquires Bai Saripinang Gold Project.VANCOUVER, BC--(BUSINESS WIRE)--Nov. 3, 1994--Ian Rozier, President and C.E.O. is pleased to announce that the company has reached an agreement in principle to acquire 85% of the shares in Bai Saripinang Mining Corp. ("Bai Saripinang"), a Philippine Mining Company that owns a 100% interest in the Bai Saripinang Gold Project in South-west Mindanao, in the Philippines. The property is comprised of thirteen mineral claims held by a consortium of local landowners who have assigned their interests to Bai Saripinang. Bai Sarinpinang has filed a Mineral Production Sharing Agreement Production sharing agreements (PSAs) are used primarily to determine the share a private company will receive of the natural resources (usually oil) extracted from a particular country. ("MPSA MPSA Midwest Political Science Association MPSA Microsoft Personal Security Advisor MPSA Military Postal Service Agency MPSA Mineral Production Sharing Agreement MPSA Mississippi Private School Association MPSA Mobile Payment Services Association ") with the government of the Philippines covering the property. Under the terms of the agreement, Chase can acquire a 40% equity interest in Bai Saripinang and is granted an option over a further 45% of the shares in the company. A payment of U.S. $5,000 is required to acquire the 40% equity interest in Bai Saripinang. The option may be secured by the payment of an option fee of U.S. $1,000, as well as an undertaking to discharge the debts of Bai Saripinang which will not exceed U.S. $85,000. This option over the 45% interest can be exercised by the payment of U.S. $5,000. The Bai Saripinang property is located 25 km north-west of the T'Boli Gold Project in the South-west Mindanao gold belt. This is a newly emerging gold district which is the subject of intense exploration activity by both Western Mining and Climax Climax Following a protracted period of selling or buying, a point wherein market trends are retarded or discontinued. Notes: At a selling climax, the market is characterized by a trend reversal whereby the market begins to buy stocks and prices rise. Mining of Australia, as well as by Chase. The claims held by Bai Saripinang are completely surrounded by an area currently being explored by Western Mining. The Bai Saripinang property comprises six targets centred on a series of breccia breccia: see conglomerate. breccia Coarse sedimentary rock consisting of angular or nearly angular fragments larger than 0.08 in. (2 mm). Breccia commonly results from processes such as landslides or geologic faulting, in which rocks are fractured. deposits which have the potential to host large tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. , low grade gold mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. . CONTACT: Chase Resource, Vancouver
Ian Rozier, Michael Callahan, 604/685-6851
800/510-8566 (Toll free in North America)
INDUSTRY KEYWORD: MINING REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
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