Ecudor acquires nine gold exploration properties from William Resources.MONTREAL--(BUSINESS WIRE)--May 29, 1996--ECU GOLD MINING (ME:ECU ECU See: European Currency Unit ECU See European Currency Unit (ECU). ) ECU Gold Mining Inc. ("ECUDOR") has acquired nine gold exploration properties from William Resources Inc. ("WILLIAM") giving ECUDOR ownership of two properties in Montana, USA, one 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. and six properties located in Ontario and Quebec. WILLIAM received 3.5 million ECUDOR shares and a $3,750,000 debenture debenture (dəbĕn`chər), document acknowledging indebtedness. In Great Britain a debenture is practically the same as a bond, and debenture stock is similar to preferred stock. bearing interest at 8 percent per annum Per annum Yearly. , redeemable Redeemable Eligible for redemption under the terms of an indenture. in three years. The debenture will be converted into 2.5 million ECUDOR shares (at $1.50 per share), subject to the approval of ECUDOR's shareholders at he Annual General Meeting. WILLIAM will then hold 6 million shares. Based on exploration carried out so far on the Montana and South Africa properties, the deal gives ECUDOR access to resources estimated at over 1.3 million ounces of gold. Because of the location and vast size of the properties, they are thought to contain significant potential, which ECUDOR plans to develop very soon. A New Director joins Ecudor ECUDOR is proud to welcome William Jean Solloway to its Board of Directors. Solloway is an expert in financing and corporate mergers and acquisitions, especially in mining, and brings 35 years of experience to the Company. He has served as advisor to numerous mining companies including Birim Goldfields n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. Inc., Canadian Bechtel Ltd., Fabien Explorations Inc., Phoenix Canada Oil Company, Starrex Mining Corp., Comico Gold Mines and Interstar Mining Group Inc. In addition, he has held various high-level positions with investment companies specializing in natural resources, such as First Indiana Capital Corporation, Minbanco Corporation and The Marshal An English word that means to arrange into a particular order as a means of preparation. See data marshalling. Plan. Solloway is an invaluable addition to Ecudor's Board of Directors and will contribute actively to the Company's growth. Moreover, following the agreement with WILLIAM, ECUDOR now officially welcomes new Board members Stan STAN Stanchion STAN Stärke- und Ausrüstungsnachweis (German) Stan Standard Man (human patient simulator) STAN SEMCIP Technical Assistance Network STAN System Trace Audit Number STAN Star Trek Area Network Bharti, President and Chief Executive Officer of William Resources, and William N. Pearson, President of Pearson, Hofman & Associates. Bell Mountain property The Company has acquired 100 additional claims covering 826 acres of the Bell Mountain property. Exploration is proceeding apace, and drilling will get under way shortly. ECU Gold Mining Inc. is a mining exploration company with 22 properties located in Quebec, Ontario, Montana (U.S.A.) and South Africa. It also has an option to purchase 50 percent of the Bell Mountain property in Nevada, U.S.A. The properties which primarily house gold deposits (93 percent) are at various stages of development, ranging from exploration to production start-up. CONTACT: ECU Gold Mining Inc. Andre St-Michel, 819/763-7185 Jean-Guy Savard, 514/425-3835 |
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