Street Resources Inc (C-SRS) - News Release
Street Resources releases Reyna de Oro drill results
2005-01-11 22:04 ET - News Release
Shares issued 20,214,011
SRS.H Close 2005-01-11 C$ 0.59
Mr. Jeffrey Dawson reports
STREET RESOURCES ANNOUNCES RECEIPT OF EXMIN DRILL RESULTS; ONE HOLE INTERSECTS 60 FEET OF 0.18 OZ/T AND 20 FEET OF 0.40 OZ/T GOLD
Street Resources Inc. has received drill results from Exmin Inc. regarding Exmin's Reyna de Oro property deliverable to it pursuant to the previously disclosed option agreement between Street Resources and Exmin dated Aug. 16, 2004. Under the option agreement, Street Resources now has 60 days to determine whether it wishes to exercise its option under the option agreement to effect a transaction with Exmin resulting in the acquisition of all of Exmin's interest in its properties.
Exmin has advised Street Resources that the 11-hole reverse circulation drill program completed in December, 2004, at its Reyna de Oro project, located in Chihuahua state, Mexico, encountered significant gold mineralization on the property. Eight of the holes intersected significant widths and grades -- hole RDO-04-R6 intersected 1.5 metres (five feet) of 20.1 grams per tonne of gold (0.59 ounce per ton), within a 6.1-metre (20-foot) intersection of 13.56 g/t (0.40 ounce per ton). This hole had another intercept of 18.3 metres (60 feet) of 6.14 g/t (0.18 ounce per ton). Hole RDO-04-R3 intersected 10.7 metres (35 feet) of 7.17 g/t (0.21 ounce per ton). The holes intersected substantial widths of mineralization, and with these limited number of holes, the data indicate an extensive zone of mineralization. The drilling has confirmed a zone of mineralization along 250 metres of strike, approximately 100 metres down dip, with a width of about 20 to 30 metres. The zone remains open along strike in both directions and down dip. The attached table should be referred to for a detailed summary of the drill results.
The Reyna de Oro property consists of approximately 14,275 hectares in the prospective Sierra Madre gold belt of Chihuahua state. Craig Gibson, Exmin's vice-president of exploration, reported: "This recent drill program confirmed previous surface and drill programs carried out on the property. Previous work had indicated the potential for a large tonnage deposit, but the recent drilling indicates the potential for higher grade zones as well as a large tonnage target."
This news release has been reviewed by Geoffrey S. Carter, PEng, qualified person, who has been on site and is currently preparing a National Instrument 43-101 technical report on the Reyna de Oro property. The handling and preparation of the samples and assaying procedures all meet with industry standards.
Hole Int Int Au
(feet) (m) (g/t)
RDO-04-R2 35-125 27.4 0.45
RDO-04-R3 0-85 25.9 4.02
incl 0-65 19.8 4.93
incl 0-35 10.7 7.17
140-255 35.1 0.91
RDO-04-R4 10-75 19.8 1.32
RDO-04-R5 60-165 32.0 2.17
incl 80-145 19.8 3.09
incl 105-140 10.7 4.87
RDO-04-R6 120-180 18.3 6.14
incl 125-130 1.5 11.90
incl 150-155 1.5 8.45
incl 155-160 1.5 12.15
incl 160-165 1.5 20.10
incl 165-170 1.5 13.55
incl in total 150-170 6.1 13.56
RDO-04-R7 70-130 18.3 1.37
incl 120-130 3.0 3.38
RDO-04-R8 100-260 48.8 1.61
incl 100-190 27.2 2.08
RDO-04-R9 0-25 7.6 2.35
185-265 24.4 0.93
incl 185-230 13.7 1.21
RDO-04-R10 70-180 33.5 2.03
incl 80-140 18.3 1.59
155-180 7.6 4.80
incl 160-165 1.5 14.45
_Street Resources flashes green light to Exmin purchase
2005-01-31 14:46 ET - News Release
Shares issued 20,214,011
SRS.H Close 2005-01-28 C$ 0.38
Mr. Jeffrey Dawson reports
STREET RESOURCES EXERCISES OPTION TO ACQUIRE EXMIN AND ANNOUNCES FINANCING
Street Resources Inc. has exercised its option to acquire Exmin Inc. under its agreement with Exmin dated Aug. 16, 2004 (see the corporation's press releases in Stockwatch dated Aug. 19, 2004, and Jan. 11, 2005). Exmin is a private gold exploration company which, through its subsidiary Exmin, S.A. de C.V., is currently focused on the exploration and development of large properties in the Sierra Madre gold belt in northwest Mexico. Exmin's principal property is the Reyna de Oro project in southwestern Chihuahua state. The parties are finalizing the structure for the proposed acquisition and will announce additional details in the near future.
As announced by the corporation in Stockwatch on Jan. 11, 2005, Exmin has delivered to the corporation the results from its initial 11-hole drill program at its Reyna de Oro project. Exmin encountered significant gold mineralization on the property. Eight of the holes intersected significant widths and grades -- hole RDO-04-R6 intersected 1.5 metres (five feet) of 20.1 grams per tonne of gold (g/t) (0.59 ounce per ton), within a 6.1-metre (20-foot) intersection of 13.56 grams per tonne (0.40 ounce per ton). This hole had another intercept of 18.3 metres (60 feet) of 6.14 grams per tonne (0.18 ounce per ton). Hole RDO-04-R3 intersected 10.7 metres (35 feet) of 7.17 grams per tonne (0.21 ounce per ton). The holes intersected substantial widths of mineralization, and with these limited number of holes, the data indicate an extensive zone of mineralization. The drilling has confirmed a zone of mineralization along 250 metres of strike, approximately 100 metres down dip, with a width of about 20 to 30 metres. The zone remains open along strike in both directions and down dip. The corporation's press release in Stockwatch dated Jan. 11, 2005, should be referred to for additional details.
This press release has been reviewed by Geoffrey S. Carter, PEng, qualified person, who has been on site and has prepared a National Instrument 43-101 technical report on the Reyna de Oro property dated Jan. 21, 2005. The technical report will be filed on SEDAR today by the corporation and will be available at www.sedar.com.
Completion of the acquisition is subject to the successful completion of $3-million in equity financing by the corporation. In connection with the exercise of its option, the corporation has entered into an agreement with McFarlane Gordon Inc. (MGI) under which MGI has agreed to act as agent to sell, on a best-efforts agency basis, up to 10 million subscription receipts of the corporation at a price of 40 cents per subscription receipt for total gross proceeds of $4-million. With the exception of $350,000 to be released to the corporation on closing, the net proceeds from the financing after deducting expenses of the offering will be held in escrow pending the completion of the Exmin acquisition. Upon completion of the acquisition, each subscription receipt will automatically convert, for no additional consideration, into a unit consisting of one common share of the corporation and one-half of one common share purchase warrant. Each whole warrant shall entitle the holder thereof to acquire one common share at a price of 60 cents for a period of two years.
If the escrow release conditions have not been satisfied on or before April 30, 2005, then, unless such date is agreed to be extended by MGI, the subscription receipts will be automatically retracted for repurchase by the corporation from the escrowed proceeds at a price equal to the issue price. In the event that the escrowed proceeds are not sufficient to repurchase all of the subscription receipts, the corporation will be required to satisfy any deficiency and, in the event that the corporation cannot satisfy such deficiency, the corporation will retract the maximum number of subscription receipts that can be repurchased on a pro rata basis and the balance of any subscription receipts not repurchased will be satisfied by the exercise of the balance of the subscription receipts into units.
In connection with the private placement, MGI will, subject to regulatory approval, be paid a commission in the amount of 9 per cent of the gross proceeds from the financing and will be granted agent's options to subscribe for such number of units of the corporation as is equal to 10 per cent of the total number of subscription receipts sold. The agent's options will be exercisable for a period of 24 months from the closing date at an exercise price of 40 cents per unit for a period of 24 months from the closing date.
The Exmin transaction and the financing are subject to the approval of the TSX Venture Exchange and all other necessary regulatory approval.
Completion of the transaction is subject to a number of conditions, including but not limited to, exchange acceptance and disinterested shareholder approval. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Street raises $3.21-million from subscription receipts
2005-02-25 16:33 ET - News Release
Shares issued 20,214,011
SRS.H Close 2005-01-31 C$ 0.39
Mr. Jeffrey Dawson reports
STREET RESOURCES CLOSES $3.2 MILLION FINANCING
Street Resources Inc. has closed its previously announced private placement of subscription receipts. The corporation issued 8,025,000 subscription receipts at a price of 40 cents per subscription receipt for total gross proceeds of $3.21-million. McFarlane Gordon Inc. (MGI) acted as agent for the financing on a best-efforts basis. The proceeds from the financing, less $350,000 and an amount equal to MGI's commission of 9 per cent of the proceeds from the offering and its costs and expenses, have been placed in escrow pending the completion of the corporation's acquisition of Exmin Inc. The subscription receipts and the underlying common shares and warrants issuable upon their exercise are subject to a four-month statutory hold period.
The closing of the private placement satisfies the financing condition to the corporation's acquisition of Exmin. Upon completion of the acquisition, the proceeds from the financing will be used to conduct a recommended $1.2-million (U.S.) phase II exploration program on the Reyna de Oro property as well as a phase I exploration program at the 38,800-hectare Tati de Oro property in the Maguarichic district.