Printer Friendly

TEXAS STAR RESOURCES CORPORATION ANNOUNCES AGREEMENT

 TEXAS STAR RESOURCES CORPORATION ANNOUNCES AGREEMENT
 HOUSTON, June 16 /PRNewswire/ -- Further to its news releases


dated May 19 and June 3, Texas Star Resources Corporation ("Texas Star") (Vancouver: TXS) announces that the formal contractual documents have been prepared in draft form and are being reviewed regarding the acquisition of Diamond Exploration Inc. ("DEI"). The formal agreement with Continental Precious Minerals Inc. ("CPM") to purchase the 70 percent of issued shares in Continental Diamonds Inc. ("CDI") is currently being prepared.
 As mentioned in the company's news release dated June 3, 1992, upon the completion of the acquisition of DEI and CPM's interest in CDI, Texas Star will own 100 percent of the shares in CDI. CDI is one of four companies that has been granted the right to jointly conduct exploration on the Crater of Diamonds by the State Parks, Recreation and Travel Commission of the State of Arkansas (the "Commission"). Upon the completion of this exploration program, the ability to commercially develop the Crater of Diamonds is subject to the discretion of the Commission as they control the mineral rights. The Commission has been advised of the proposed acquisitions and a formal submission regarding the acquisitions will be made to it shortly. As also stated in the news releases dated May 19 and June 3, Texas Star is continuing its due diligence with respect to the acquisition of DEI. The acquisition of DEI and the interest of CPM in CDI is subject to all necessary regulatory approvals.
 DEI also has options or a right to lease three properties from private mineral owners which are located outside the Crater of Diamonds State Park. These interests of DEI's are being currently reviewed by Texas Star and planning is in progress to construct a diamond recovery pilot plant to process bulk samples of diamondiferous lamproite from these properties.
 In an article in the Arkansas Democrat-Gazette this date, John Morgan, Project Director for testing done at the Crater of Diamonds states the sixth core hole funded by the four companies penetrated solely lamproite (the diamond bearing rock) to a total depth of 640 feet. Additionally, Morgan said, "I can't say how much bigger the crater is. That one hole doesn't tell us anything about the shape. It (the crater) could be 20 percent, 50 percent or 100 percent bigger."
 As stated in the news release dated June 3, Texas Star has an option from CPM to earn 51 percent of the interest held by CPM in the area of interest in Ontario diamond exploration contemplated in the British Petroleum Resources Canada and CPM Joint Venture Agreement dated June 1, 1992 by the expenditure of $750,000 (Cdn.) on such properties over a two-year period.
 The negotiations are progressing with a third party to acquire a major interest in approximately one million acres of certain diamond mineral properties located north of the Diamet discoveries in the Northwest Territories.
 Texas Star Resources Corporation is listed on the Vancouver Stock Exchange under the symbol TXS.
 -0- 6/16/92
 /CONTACT: W.H. Tonking of Texas Star Resources Corp., 713-682-4070/
 (TXS.) CO: Texas Star Resources Corporation ST: Texas IN: MNG SU: CH -- LA022 -- 0823 06/16/92 16:36 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 16, 1992
Words:532
Previous Article:TEXAS UTILITIES $297 MILLION SENIOR DEBT RATED 'BBB' BY FITCH -- FITCH FINANCIAL WIRE --
Next Article:HOT NEW PLAYS IN THE GERMAN AND DUTCH MARKETS
Topics:


Related Articles
PRIMEENERGY ANNOUNCES AGREEMENT WITH GLOBAL NATURAL RESOURCES
PRIME ENERGY ENTERS AN AGREEMENT WITH GLOBAL NATURAL RESOURCES
TEXAS STAR RESOURCES ANNOUNCES COMPLETION OF MINERAL CLAIMS STAKING
ENEX RESOURCES CORPORATION REPORTS $2.0 MILLION TAKE-OR-PAY SETTLEMENT
CASINO RESOURCE CORP. SIGNS AGREEMENT WITH GELB PROMOTIONS FOR SERIES OF PRIZE FIGHTS AT BILOXI STAR THEATRE
HAMPTON RESOURCES SIGNS TERMINATION OF BUSINESS COMBINATION AGREEMENT
TSX CORPORATION ANNOUNCES $15 MILLION PURCHASE AGREEMENT WITH NEWSCORP AFFILIATE
ENEX RESOURCES CORPORATION ANNOUNCES TERMINATION OF ACQUISITION
United HealthCare Signs Definitive Agreement to Purchase Principal Health Care of Texas
Texas Health Resources, Internal Revenue Service Sign Closing Agreement Related to 1997 Bonds.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters