Consolidated Magna Ventures Ltd. doubles land position in Voisey Bay.VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 2, 1995-- Consolidated Magna Ventures Ltd. (CMV CMV cytomegalovirus. CMV abbr. 1. controlled mechanical ventilation 2. cytomegalovirus Cytomegalovirus (CMV) .VSE See DOS/VSE. VSE - Virtual Storage Extended ) and First Western Minerals Inc. (VSE.FW) announce that they have entered into agreement to grant Consolidated Magna Ventures Ltd. ("Consolidated Magna") an option to earn a 50 per cent interest in 9 claim blocks, comprising 1,025 claims in the Voisey Bay area, Labrador, subject to regulatory approval. Consideration for the option is a cash payment of $165,000, the issuance of 270,000 common shares of Consolidated Magna, the issuance of warrants to acquire 125,000 common shares of Consolidated Magna for one year at a price of $1.40 per share and a work program on the properties totaling $750,000 over a three year period at the rate of $250,000 per year. Consolidated Magna maintains the right to reduce the cash payment to $65,000 subject to assisting First Western in closing a $299,000 flow-through private placement in First Western at $0.65 with a 1/2 share purchase flow-through warrant at $0.65 for a one year period. The 9 properties significantly enhance Magna's land position particularly in the Staghorn Staghorn may refer to:
airborne, adj carried through the air. In health care settings, viruses or bacteria may become airborne, e.g. surveys have already been completed on 4 of the 9 new blocks and the data is currently being processed. Magna will take over as operator on the properties. Management believes this new land package significantly enhances our exposure to discovery potential near Voisey Bay. These property additions have expanded Magna's current Labrador portfolio to 1655 claims in 17 properties in the Voisey Bay/Staghorn Lake camps and 1,246 claims in 6 properties in the Goose Bay area. -0- NOTES: Location map available from the Company at the phone number listed above. THE VANCOUVER STOCK EXCHANGE Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). NEITHER APPROVES NOR DISAPPROVES OF THE CONTENTS OF THIS NEWS RELEASE WHICH WAS PREPARED SOLELY AT THE DISCRETION OF MANAGEMENT. CONTACT: Consolidated Magna Ventures Ltd., Vancouver Clayten Vance (Investor Relations Investor relations The process by which the corporation communicates with its investors. ), 604/685-9700; 604/685-9744 (fax) 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 617-236-4266 or |
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