Chivor Announces That Azco Has Withdrawn its Offer to Purchase Emerald Mining Assets.TORONTO--(BUSINESS WIRE)--July 16, 1998--Chivor Emerald Corp.(CANADIAN DEALING NETWORK Canadian Dealing Network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. :CHIV.U.) Chivor Chivor is a town and municipality in the Colombian Department of Boyacá, part of the the subregion of the Eastern Boyacá Province. • • Emerald Corporation Ltd. announces that it has been notified by Azco Mining Inc. that it does not wish to proceed with the proposed transaction to purchase Chivor's emerald mining assets in Colombia Colombia (kəlŭm`bēə, Span. kōlōm`byä), officially Republic of Colombia, republic (2005 est. pop. 42,954,000), 439,735 sq mi (1,138,914 sq km), NW South America. Bogotá is the capital and largest city. . No reason for Azco's decision was given. Under the agreement dated April 15, 1998 Azco had until July 15, 1998 to carry out its due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. review and make its decision whether or not to purchase Chivor's assets. The mine has been on a care and maintenance basis since May. In the absence of other sources of financing Chivor plans to terminate any remaining operations and dispose of dis·pose v. dis·posed, dis·pos·ing, dis·pos·es v.tr. 1. To place or set in a particular order; arrange. 2. the assets. Once this process has been completed the Company will then seek other business opportunities. Chivor's issued and outstanding capital as of July 16, 1998 is 27,176,247 common shares.
CONTACT: Chivor Emerald Corporation Ltd.
Patrick J. Mars, 416/ 955-4494
416/ 955-1206 (FAX)
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