South Crofty Holdings Ltd.: Slim Hole Drilling Program Now Underway At Meager Creek.
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.
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|Date:||Nov 16, 2001|
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