South Atlantic Subsidiary Commences Trading on Stockholm Exchange - Gold Exploration Program Underway.VANCOUVER, British Columbia--(BUSINESS WIRE)--June 24, 1997--(VSE See DOS/VSE. VSE - Virtual Storage Extended SCQ SCQ Santiago De Compostela, Spain - Santiago (Airport Code) SCQ Social Care Qualification (UK) SCQ Sisters of Charity of Quebec (The Grey Nuns) .) South Atlantic Resources Ltd. (the "Company") is pleased to announce that its Swedish subsidiary, North Atlantic Natural Resources AB ("NAN") commenced trading on the Stockholm Stock Exchange The Stockholm Stock Exchange (Swedish: Stockholmsbörsen) is a stock exchange located in Stockholm, Sweden. Founded in 1863 [1] it is the primary securities exchange of the Nordic Countries. today. Closing price was SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 16.50 which is equivalent to approximately Cdn $3.00. Following the new issue, NAN has a share ownership structure as indicated below: -0-
Shares Percent
Boliden AB 12,000,000 38.30
South Atlantic 12,000,000 38.30
Publicly Held 7,293,500 23.40
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31,293,500 100.00
NAN is undertaking an initial five year exploration program to identify and develop gold deposits in the Baltic Shield Baltic Shield, the continental core of Europe, composed of Precambrian crystalline rock, the oldest of Europe. The tectonically stable region was not affected by the Caledonian, Hercynian, and Alpine mountain-building periods of Europe, although mountains did rise . NAN has a portfolio of 23 gold exploration properties located within the Norrbotten, Skellefte and Bergslagen mining districts of Sweden. In recent weeks, NAN has increased their holdings in the Skellefte district from 70,000 hectares to 211,000 hectares. The total land now held by NAN in Sweden encompasses approximately 740,000 hectares, which makes NAN one of the largest exploration companies in Sweden. NAN has entered into a contract with Geoterrex Limited of Canada to conduct an airborne electromagnetic survey over 7 of its 23 project areas. The survey is expected to be underway sometime during the month of July at a total cost of approximately Cdn $1.6 million. The airborne system used by Geoterrex is the latest state of the art technology for locating mineral deposits. Fieldwork field·work n. 1. A temporary military fortification erected in the field. 2. Work done or firsthand observations made in the field as opposed to that done or observed in a controlled environment. 3. underway at the Hallefors project in the Bergslagen district has identified a target area near the town of Hallefors, which is expected to be tested by a preliminary drilling program within the next two months. In order to process and analyze drilling samples, NAN is setting up a laboratory near the town of Uppsala. The laboratory will be designed, constructed and operated under the supervision of Chemex Labs Ltd. ON BEHALF OF THE BOARD Edward F. Posey A posey can be a flower bouquet. As a surname it is of French and English origins, originating and or derived from the greek word Desposyni. People whose surname is or was Posey include:
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). has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. CONTACT: South Atlantic Resources Ltd. Sophia Shane, 604/ 689-7842 |
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