May 26, 1998
Columbia Yukon - Consolidated Venturex - Hearne Craton
Columbia Yukon Resources Ltd. (the "Company") and Consolidated Venturex Holdings Ltd. ("CVA") announce the closing of the transaction under the agreement to purchase, each as to a 50% interest, certain metallic and industrial mineral permits, representing 43,648 hectares (107,852 acres) from Raynard William Howarth ("Howarth") for a total consideration of $67,000.
Under the terms of the agreement, the purchase price consists of a one time cash payment of $10,000 payable by the Company and an aggregate of 100,000 common shares of CVA and 100,000 common shares of the Company. Under the agreement, Howarth will retain a 2.5% net diamond royalty, and Venturex and CYR have the right to purchase 1% of the diamond royalty for $1,000,000. All shares issued by the Company in connection with this transaction will be subject to a hold period trade restriction expiring at midnight on May 22, 1998. All shares issued by CVA in connection with this transaction will be subject to a hold period trade restriction expiring at midnight on May 15, 1998.
THE ALBERTA STOCK EXCHANGE NOR ANY REGULATORY BODY HAS REVIEWED THIS NEWS RELEASE AND THEREFORE DO NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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