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Visa Gold Exploration Inc. VGLD (Canadian Exchange)
has done extensive research of sunken Spanish Galleons and has made contractual agreements with Cuban officials to retrieve the sunken treasures which have remained buried on the ocean floor in Cuban waters for centuries and off limits to foreigners since the Cuban revolution in 1959. The bounty on these sunken ships according to archival records is estimated to be in the BILLION$. VGLD is well on its way to recovering a substantial portion of these historical sunken treasures!
To the Shareholders of Visa Gold Resources Inc.
Re: Share Exchange Offer by Aubet Explorations Ltd.
We are pleased to announce that after extensive negotiations Aubet Explorations Ltd. agreed on June 25th to offer to exchange one share of Aubet Explorations for each share of Visa Gold Resources Inc. issued and outstanding, with the transaction closing on July 28th, 1999.
Aubet Explorations Ltd. is incorporated in Ontario and a reporting issuer affiliated with the Canadian Dealing Network. The company has/or will apply shortly to be listed for trading on the Canadian Dealing Network (CDN), under the new name Visa Gold Exploration Inc.
Your Board has met and enthusiastically endorses the proposal by Aubet. This will provide the company opportunities to raise further money for the Cuba project and others, and provide shareholders with liquidity.
We have completed our research on schedule and successfully. Our recovery boat is now in the water in Cuba and regular survey and recovery operations will commence on July 2, 1999. Now financing is more accessible and we are on our way.
Please read the enclosed Information Circular and if you have any questions please do not hesitate to contact me at (416) 360-7773 or at (705) 327-2600.
June 28, 1999
SPANISH GALLEON PROJECT
Visa Gold Resources Inc. ("Visa Gold") a private corporation, incorporated in the Turks and Caicos Islands, has recently acquired the right to explore historic shipwrecks in two areas within the territorial waters of the Republic of Cuba. The project is a result of a joint venture agreement signed with Geomar S.A., a state-owned entity which has a mandate to develop shipwreck operations in Cuba. The agreement, which was the result of extensive negotiations grants the joint venture the exclusive right to excavate and salvage shipwrecks once they are located in the two areas allocated to the joint venture.
The Spanish Galleon Project involves archival research, and high-tech exploration and salvage methods in the retrieval of articles of archeological value as well as gold bullion, silver bars and coins, emeralds and pearls that could have a value of millions of dollars. Numerous shipwrecks including 25 sunken galleons have been documented in the contract area which, until recently, remained off-limits to foreigners.
This venture has the potential to be one of the most lucrative in maritime history. It is the intention of the organizers to bring the most up-to-date methods to the operation in order that archeological criteria will be respected at the same time that those who take the risks of financing such a venture will be rewarded with a reasonable return on their investment.
OBJECTIVES OF THE JOINT VENTURE
Visa Gold and Geomar will work to achieve a true partnership between the interests of scientific and archeological research and the legitimate interests of those taking the financial risk. Every effort will be made to respect the historical nature of the salvage targets. International and Cuban experts will be consulted on an ongoing basis and on every recovery. The academic community, the archeological community, and those interested in heritage, as well as the Cuban government, will be consulted continually.
In fact we see no conflict between academic and scientific interests and the interests of those who advanced the funds to expand those interests. We believe that we can make the two interests complement each other.
THE AGREEMENT AREA - GRAVEYARD OF SUNKEN GALLEONS
The contract covers two areas off the coast of Cuba. The "North" area stretches west from the mouth of the Havana harbour and the "South" area consists of an area surrounding the Isle of Youth on the south coast of Cuba, totaling approximately 5,000 sq. km.
For over 250 years, Spain was the dominant power in the area of the world discovered by Christopher Columbus. Because of its geographical location, Havana was a major centre for trade and commerce as well as a major launching point for ships and fleets heading to Europe.
Pirates and the weather made it very risky to sail in the waters surrounding Cuba. Safety was the port of Havana. Spanish treasure ships from South America headed for the Isle of Youth (also known as the Isle of Pines), and then west around the western tip of Cuba and east to Havana. Hundreds of these ships were lost in Cuban coastal waters, resulting in the largest concentration of shipwrecks in the world. Estimates of the current value of such shipwrecks range from a few millions to billions of dollars.
Since the Cuban revolution in 1959 no foreigner has been permitted to conduct shipwreck operations within the contract areas. At the same time, underwater search and salvage technology has advanced dramatically since 1959 and resulted in spectacular discoveries elsewhere in the world in recent years, including the discovery of the Titanic. Experts predict a "gold rush in the ocean" and "everything lost in the ocean will be found in the next twenty-five to thirty years."
Directors and Officers
Hon. Doug Lewis, President
Mr. Lewis is a lawyer and chartered accountant and has been the President of the Company since August 14, 1998. Mr. Lewis has been an independent consultant since 1993. From 1979 to 1993, Mr. Lewis served as the member of Parliament for Simcoe North. During the last six years he served as a Member, he also served as a Senior Cabinet Minister in the Government of Canada
Mr. Ed Burtt, Vice President, Operations
Mr. Burt is an engineer and is the President of Ocean Scan Systems which manufactures, imports and distributes high technology remote sensing underwater locating equipment. He is also President of Vernon Corporation which operates a smelting and refining operation. Mr. Burtt is a leading Canadian expert in archeological research, search and recovery of ship wrecks and international marketing of coins and artifacts.
Mr. Ed Svoboda, Vice President, Administration
Mr. Svoboda is Vice President of Benemas Services Group which provides income tax and accounting services to small business and individuals.
Dr. K. Sethu Raman, Secretary & Treasurer
Dr. Raman is a professional geologist and has been the Secretary Treasurer of the company since August 14, 1998. Dr. Raman led exploration teams involved in the discovery and development of ten significant gold, silver and base-metal deposits and mines in Canada, the U.S.A., the Philippines and Cuba. He is also President of Holmer Gold Mines which has been doing business in Cuba for 7 years.
Mr. Simon Hodson, Director
Mr. Hodson is a chartered accountant based in Cuba. He is the Chief Executive Officer of Havana Asset Management Limited which has extensive business investments in Cuba.
121 Richmond Street West,
Suite 1103, Toronto, Ontario
For more information on VGLD go to visagoldresources.com and for a complete write-up on Visa Gold Explorations Inc. go to turnaroundpicks.com
T A P has received a 30,000 share option agreement from Potter Financial for 3 months promotional services of VGLD.
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