Printer Friendly

South Crofty Holdings Ltd.: Slim Hole Drilling Program Now Underway At Meager Creek.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--Nov. 16, 2001

South Crofty Holdings Ltd. (CDNX:SFH.) is pleased to report that the slim hole drilling program is now underway at its Meager Creek Geothermal project site.

The geophysics fieldwork has now been completed at the Meager Creek Geothermal Project, and the report is under final review. Permits for the slim hole drilling program have been received and the fieldwork is now underway. The drilling program is under the direction of Fairbank Engineering Ltd. of Vancouver, who has been involved in the Meager Creek project since its initial discovery and development by B.C. Hydro. The purpose of the geophysics and slim hole drilling is to verify the model of the geothermal system as envisioned by the overall project consultant, GeothermEx of Richmond, California, before the more expensive test wells are drilled to determine the geothermal resource. In addition, the company has retained Craig Aspinall & Associates to assist in consultations with stakeholders and First Nations peoples, and Western Policy Consultants Inc. to assist the company with government relations.

Dividend Distribution of South Crofty Shares

The Company has been advised by Crew Development Corporation (Crew) that its Board of Directors has declared a dividend of shares of South Crofty Holdings Ltd. The dividend is subject to the approval by the South Crofty shareholders of the acquisition from Crew of 100% of Meager Creek Development Corporation, in consideration of 97,378,558 shares of South Crofty, at a meeting of the shareholders of South Crofty to be held on November 22, 2001.

All shareholders of Crew as of November 28th (Record Date) will receive one share in South Crofty Holdings Ltd. (which proposes to change its name to North Pacific GeoPower Corp.) for each 20 shares of Crew held as of the Record Date. Crew's shares will trade ex-dividend on November 26th, and the South Crofty shares will be distributed to the Crew shareholders on or about December 21, 2001.

SOUTH CROFTY HOLDINGS LTD.

Lawrence Campbell, Director

This News Release was prepared by the Board of Directors on behalf of South Crofty Holdings Ltd., which is solely responsible for its contents.
COPYRIGHT 2001 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Nov 16, 2001
Words:358
Previous Article:ADVISORY/The Salvation Army Treats 2,500 To Sit-Down Turkey Dinner at Los Angeles Convention Center; Bob Saget to Host Entertainment Show.
Next Article:Mining Services International Corp. Announces Closing of Transaction.
Topics:


Related Articles
South Crofty - New Director Appointed.
South Crofty Holdings - South Crofty Tin Mine Update.
South Crofty Holdings - Modest Positive Cashflow from Operations Recorded.
Crew Development Corp.: Independent Consultants Confirm Potential of South Meager Geothermal Resource to Support an Initial 100 MW Power Plant.
Crew Development Corporation: South Meager Geothermal Resource Acquisition and Project Development Update.
South Crofty Holdings Ltd.: Announcement Of Conditional Acceptance From The Canadian Venture Exchange To Proceed With Acquisition Of Meager Creek.
South Crofty Holdings Ltd.: Major Development in Establishing Canada's First Geothermal Energy Company.
Crew Development Corporation: Dividend Distribution Of South Crofty Shares & Slim Hole Drilling Program Now Underway At Meager Creek.
Crew Development Corp.: North Pacific GeoPower Corp. Completes Acquisition Of Meager Creek Development Corporation.
Crew Development Corp.: Meager Creek Geothermal Model Supported By Magneto-Telluric Survey.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters