Global Explorations: Acquisition of Gold and Diamond Concessions.VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 9, 1997-- Global Explorations Corporation (VSE See DOS/VSE. VSE - Virtual Storage Extended :GXC (Global Exchange Carrier, Inc., Abingdon, VA) An early provider of IP voice services via the Internet, intranets and private WANs that sold its customer base in the late 1990s. GXC provided Internet gateways for long distance telephony services at lower prices than the traditional long ) ("the Company") is pleased to announce that it has acquired 75 percent of Jupiter Mining Corporation ("Jupiter"), which holds two diamond concessions in the Republic of Guinea, for nominal consideration. The Company has also entered into, by way of assignment, a Letter of Intent to acquire all of the assets of Mano River Resources Limited ("Mano ma·no n. pl. ma·nos A hand-held stone or roller for grinding corn or other grains on a metate. [Spanish, hand, mano, from Latin manus, hand; see manner.] "). The assets include primarily gold concessions in the countries of Sierra Leone, Guinea and Liberia. The Letter of Intent with Mano calls for the assets to be vended into the Company in exchange for shares. The transaction will be based on and subject to an independent valuation of the Mano concessions. The intention is to engage A.C.A. Howe Consultants to conduct the valuation. In addition, the Company is required to arrange financing of $3.25 million U.S. to fund exploration of the Mano concessions over the two year period subsequent to Closing. The Letter of Intent is subject to the execution of formal heads of agreement Heads of Agreement A non-binding document outlining the main issues relevant to a tentative partnership agreement. Notes: It is the draft used by lawyers when drawing up the contract. It serves as a guideline for both parties before any documents are legalized. and the satisfactory completion of 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. by each of the parties. The Company also wishes to report that it still intends to proceed, once political stability has returned to Sierra Leone, with the acquisition of Jupiter Export Import Company Limited which owns a Prospecting License for the Port Loko bauxite bauxite (bôk`sīt, bŏk`–), mixture of hydrated aluminum oxides usually containing oxides of iron and silicon in varying quantities. concession. The above transactions will provide the Company with a significant base of mineral properties in West Africa from which to expand. The acquisition of Jupiter Mining Corporation, Jupiter Export Import Company Limited and the Mano assets are subject to the approval of 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). . On behalf of the Board, P.L. Hammond, C.A., President and Chief Executive Officer -0- Note: The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. CONTACT: Global Explorations Corporation P.L. Hammond, C.A., 604/689-0523 604/683-2599 (FAX) |
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