| To: Walter who wrote (110) | 3/4/1998 4:11:00 PM | | From: Claude Robitaille | | | |
Attention Business/Financial Editors:
SPIDER RESOURCES INC. - KWG RESOURCES INC. - BRAZIL: CONTENDAS CORE IS DIAMONDIFEROUS
MONTREAL, March 4 /CNW/ - Spider Resources Inc. (''Spider'') and joint
venture partner KWG Resources Inc. (''KWG'') announce that the drill core
recovered from hole 97-04 from the Contendas Structure in Brazil has been
verified by Mineraux Indicateurs Almaz Inc. of Rouyn-Noranda, to contain
diamond. Of the total core sent to the laboratory, 5.3 kilograms was
classified as potentially diamond bearing and subsequently processed by
attrition milling, heavy media separation, yielding one microdiamond.
The host rock for this new diamond occurrence has been identified as
ultramafic, plotting on various diagnostic charts between kimberlite and
lamproite, but more towards the lamproite classification. This statement is
based upon petrographic analysis, whole rock chemistry, probing of phlogopite,
clinopyroxene and ilmenite as well as trace element analyses. The recovery of
various heavy minerals during the processing of the core concurs that the
intrusion is ultramafic, however Mineraux Indicateurs Almaz suggests that the
rock might be further classified as a Type II kimberlite or an orangelte (both
are potentially diamond bearing). Probing of the collection of heavy minerals
from the attrition milling program may be warranted to address the academic
issue of classification.
The Contendas structure was first identified in late 1996 by air-photo
interpretation and geological reasoning. The target structure is situated
beside the Paranaiba River, upstream from numerous active alluvial diamond
operations; therefore, the structure was classified as a high priority
exploration target. Historically, during KWG's alluvial diamond program in
late 1994 and early 1995, a 107 carat diamond was recovered amongst numerous
other lesser size stones which subsequently sold for $US500,000; however, the
operating cost (plus losses due to suspected theft of individual diamonds) for
this alluvial property precluded the operation from being economical. It was
speculated, in late 1995, that a current eroding primary source for diamond
was nearby and upstream of the alluvial sites, since some of the reworked
gravel was found to be quite diamondiferous. A site visit in December of 1996
verified that an eluvial (weathered bedrock) source for diamonds, as
demonstrated by a large garimpo site, was situated within the Contendas
topographic low which had recently been worked. It is reported by the surface
landowner to Spider's manager in Brazil that this 3-4 hectare garimpo site
yielded 5,000 carats of diamond in two short seasons from one deep (14 m) pit,
however this site was shut down by the environmental section of the DNPM due
to lack of proper permits and the use of large mechanized equipment coupled
with environmental infractions and complaints by the surface landowner. The
largest stone recovered in the old garimpo operation was also reported by the
surface landowner to be a 65 carat diamond while the average was in the 1-2
carat size range. This garimpo site is within 100 meters of the collar of
drill hole No97-04 which intersected the diamond bearing rock.
Recent new garimpo workings in the eluvial material are located about 400
meters from the older much larger site and within 300 meters of hole No97-04.
Spider management was present during three months of garimpo work in late 1997
and witnessed the recovery of thirteen marketable diamonds from the processing
of approximately 15 cubic meters of eluvial material form two stratabound
horizons (1m and 3m thick) in the pits representing the ''nouveau garimpo''.
These thirteen diamonds collectively weighed 14.5 carats. The local sale of
nine of these diamonds returned an average value of $US340 per carat. The
diamond bearing stratabound horizons were interpreted as representing
epiclastic tuff within a large lamproite crater; the presence of proximal
diamond bearing lamproite dikes confirms this interpretation.
A continuation of exploration program is being recommended to the Board
of Directors for Spider estimated to cost $US500,000. Startup of this program
is pending the Board's direction and approval. The program includes
additional diamond drilling to attempt to identify the vent area for the
lamproite intrusion which represents the feeder systems to the diamond bearing
crater sediments, together with systematic pit sampling and processing of the
upper tuffaceous beds within this diamond bearing crater. A further bulk
sampling phase may be warranted as a result of the recommended initial program
which would complete the earn in requirements for a 50% interest in this
project from KWG, by completing $US1.8 million in expenditures prior to the
end of 1998. To date, Spider has incurred expenditures of $US700,000.
Spider is a diamond exploration company active in Canada and Brazil,
currently trading on the ASE. KWG is a mining and exploration company active
in Canada, the Caribbean and Far East Russia, currently trading (without
quotation) on the CDN under the symbol KWGR.
NO REGULATORY AUTHORITY WAS APPROVED NOR DISAPPROVED
THE CONTENT OF THIS PRESS RELEASE
-30-
For further information: Mary Peschka, Spider Resources/KWG Resources, (416) 869-0626
This press release concerns more than one organization.
To view releases from one of these organizations, please select from below.
KWG RESOURCES INC.
SPIDER RESOURCES INC. |
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| To: Claude Robitaille who wrote (111) | 3/9/1998 11:27:00 AM | | From: philip trigiani | | | |
Attention Business/Financial Editors:
ST. GENEVIEVE ASSOCIATES ITSELF WITH BEAU CANADA IN THE
REVIVAL OF GENOIL
MONTREAL, March 6 /CNW/ - St. GeneviŠve Resources Ltd. (''SGV'')
announces that it has concluded an agreement with Beau Canada Exploration Ltd.
(''Beau'') pursuant to which the operations of Genoil Inc. (''Genoil'') have
been refinanced and the indebtedness of SGV to Genoil has been settled.
Beau has subscribed for a total of 16,845,501 common shares of Genoil for
an aggregate subscription price of $3,369,100.20. In addition, Beau has
provided to Genoil a loan in the amount of approximately $3.5 million in order
to cover Genoil's financial obligations in connection with the Ana Maria no. 2
well located in Cuba, expected to be drilled in the last half of 1998.
SGV has agreed to reimburse the $5.6 million owed to Genoil by no later
than April 1, 1999, with interest to accrue at prime plus 1 %. As security
for the repayment of this indebtedness and certain other indebtedness owing by
Genoil to Beau, SGV has pledged to Genoil the 5.28 million shares of Genoil
which it holds, as well as an account receivable of equal value which is owed
to SGV by KWG Resources Inc. In addition, SGV has granted to Beau the option
to purchase the shares of Genoil held by it at a price of $1.00 per share for
a period of 18 months. However, SGV retains the right to sell these shares on
the market at a minimum price of $1.00 per share. In all cases, the proceeds
of such sale will be applied toward the repayment of SGV's indebtedness to
Genoil. The voting rights attaching to these shares have been transferred to
Beau for as long as the option remains in effect.
As a key feature to this transaction, SGV and Beau have reached an
agreement with Genoil, whereby SGV could earn the following farm-in rights :
I. the right to earn up to a 17.5% interest in Blocks 19 and 20, in
consideration of the payment of up to 17.5% of the historical costs
on such Blocks; and
II. the right to earn up to a 5% interest in Blocks V, VI and VII, in
consideration of the payment of up to 10% of the cost of a new well
to be drilled on such Blocks.
Following the conclusion of these transactions, the management and
direction of Genoil was transferred to Beau, whose experience in the oil and
gas sector is expected to prove to be a valuable asset to Genoil.
The Chairman of the Board of St. GeneviŠve, Mr. Pierre R. Gauthier,
stated : ''The conclusion of this transaction represents an important step for
SGV in the implementation of its restructuring plan.''
SGV is a mining exploration company currently trading (without quotation)
on the Canadian Dealing Network under the symbol SGVE.
NO REGULATORY AUTHORITY HAS APPROVED NOR DISAPPROVED
THE CONTENT OF THIS PRESS RELEASE
-30-
For further information: Jacques Rossignol, Lapointe Rosenstein,
(514) 925-6336
ST. GENEVIEVE RESOURCES LTD has 2 releases in this database.
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| To: philip trigiani who wrote (112) | 3/9/1998 12:21:00 PM | | From: philip trigiani | | | | |
Well this PR definetly is positive. Beau knows! Looks like the restructuring plan is a go now. I'm sceptical about the rights offering being fullfilled, this is crucial to working capital going forward. If they put a guarantor in place to subscribe, as they mentioned, then we are out of the woods. SGVE @ .05 is starting to look very cheap.IMHO |
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| To: philip trigiani who wrote (115) | 3/10/1998 11:56:00 PM | | From: Perry | | | |
Can you explaing how a company like SGV with possibly 200mm shares can ever be an attractive investment. THAT'S 200,000,000 shares, equivalent to some major producers. How can this stock possibly increase in value considering it's current holdings?
I have a few thousand shares so I hope my analysis is wrong. Maybe you have some positive scenerios you would like to share. |
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| To: Perry who wrote (116) | 3/11/1998 9:47:00 AM | | From: philip trigiani | | | |
They have some excellant properties in Russia and Cuba. The whole mess with shifting money around was so not to lose the contractual agreement with the Russian project. Beau obviously has done due diligence in the Genoil properties to go forward. SGV has practically control over its umbrella of companies. It will survive. It won't be a player until it can put these projects into production. In the short term, there will be short term trading profits in and out of SGV and KWG. Gauthier needs to see these prices higher in order to fullfill the rights and get more working capital. He's a promoter. The share capital will probably be diluted in a reverse split eg. 10 for 1 at some point.
This is required, if he intends to get institutional investors back into the game.IMHO
I'll be trading in and out for a while once SGV and KWG get relisted on the TSE. A perfect example is Repap RPP:tse/mse. |
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| To: philip trigiani who wrote (117) | 3/11/1998 1:51:00 PM | | From: Claude Robitaille | | | |
Proposed private placements
Spider Resources Inc SPQ
Shares issued 79,806,176 Mar 9 close $0.13
Wed 11 Mar 98 News Release
Ms Mary Peschka reports
The company has reached agreements in principle with three investors
pursuant to which it will issue on a private placement basis a total of
1,965,217 shares.
The first subscriber will subscribe for 1,565,217 shares at $0.115 for
total proceeds of $180,000 and will pay its subscription price by agreeing
to extinguish Spider's current indebtedness to such subscriber of $180,000.
The remaining two subscribers will subscribe for a total of 400,000 shares
at $0.20 for total proceeds of $80,000. Spider currently owes such
subscribers the total sum of $80,000 on account of the third instalment of
the purchase price for Spider's Wawa property. The $80,000 subscription
price will be paid by such subscribers agreeing to extinguish the
indebtedness owing by Spider in respect of such outstanding purchase price.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com |
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| To: philip trigiani who wrote (119) | 3/27/1998 1:37:00 PM | | From: Claude Robitaille | | | |
Year end results
St Genevieve Resources Ltd SGV
Shares issued 87,850,939 Nov 26 close $0.17
Fri 27 Mar 98 News Release
Ms Mary Peschka reports
During fiscal 1997, unfavourable market conditions, namely the price of
common and precious metals and the aftermaths of Bre-X had considerable
negative effect on mining companies.
Consequently, the investments of St Genevieve Resources suffered a loss in
value that is reflected in the $61 million writedown of the carrying value
of its investments to their estimated realizable value (net gain of $14.7
million in 1996), the $16 million loss on disposal of investments and
conversion of promissory notes (net gain of $10 million in 1996) and the
$7.2 million share in loss of companies subject to significant influence
($97,920 in 1996).These three amounts account for more than 90% of the
reported net loss of the year which amounted to $92.1 million (net loss per
share of $1.10) compared to a reported net income of $19.2 million in 1996
(net income per share of $0.32). Income decreased from $30 million in 1996
to $3.4 million in 1997.
On April 30 1998, the creditors of the company will consider and vote on
the restructuring plan filed by the company under the Companies' Creditors
Arrangement Act which provides for the payment of a significant portion of
the debts of the company by the issuance of common shares of the company on
the basis of one common share for each $0.20 of debt. The company has
contacted the majority of its creditors to inform them of the provisions of
the restructuring plan and to seek their approval and it is confident that
the restructuring plan will be accepted.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com |
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