National Gold (NGT)

[marcos]

' Alamos/Nat'l Gold discuss marriage for Salamandra's sake

National Gold Corp
NGT
Shares issued 26,903,816
Oct 18 2002 close $ 0.30
Monday October 21 2002
News Release
See Alamos Minerals Ltd (AAS) News Release
Mr. Chester Millar of Alamos Minerals reports
MERGER DISCUSSIONS UNDERWAY - ALAMOS PROVIDES $675,000 LOAN T ...

Alamos Minerals and National Gold have entered into discussions to merge the two companies. The parties have agreed to retain an independent chartered business evaluator accredited by governing regulatory bodies to conduct an independent evaluation of the merger.
It is expected that a merger will create economic efficiencies for the development of the Salamandra property in Sonora, Mexico, as well as facilitate financing for the project on more favourable terms.
Alamos has provided a $675,000 loan to National Gold by way of a one-year convertible note with interest payable at 1 per cent per month. The note can be converted at any time into common shares of National Gold at a conversion price of 29 cents per share, and is redeemable at National Gold's option on 30 days notice. The purpose of the loan is to meet the terms called for in an agreement wherein National Gold is purchasing the Salamandra property in Mexico. Alamos has the right to appoint three directors to the board of National Gold upon conversion of the loan into shares.
Alamos and National have met the $1,525,000 payment due on the property on Oct. 17, 2001.
Alamos and National Gold have further agreed that Alamos has completed the property development expenditure obligations and the preparticipation program described in their joint venture agreement. Under the terms of the joint venture agreement, Alamos is earning a 50-per-cent interest in the Salamandra property.
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