Laramide Resources Ltd. ("LAM") is pleased to provide an update with respect to its ownership interest in Alliance Pacific Resources Inc. ("APR"), and APR's plans for its gold interests in China. Laramide is a significant early stage shareholder in APR which is a private, Toronto based company whose sole asset is an option to acquire an interest in a large mineral concession in the autonomous province of Xinjiang in western China. The concession is situated within a highly prospective geologic and metallogenic belt, which stretches from Kazakhstan into China and, into Mongolia.
On May 11, 2004 APR completed a $1,500,000 brokered institutional equity financing at a price of $0.40 per unit with each unit consisting of a common share and a full warrant exercisable for two years at $0.50 per share. The proceeds of this financing, which is expected to be the last round of private financing into APR prior to a going public transaction, will be dedicated to the immediate commencement of field work in China as well as working capital and costs related to an intended IPO or an alternative going public transaction. The company intends to go public by the Fall of this year. Agents for the aforementioned brokered financing were Dominick and Dominick Securities and Kingsway Capital of Canada.
APR has completed the required independent technical report in the prescribed National Policy Instrument 43-101 format which was prepared by Norwest, an international consulting and engineering services company that has worked extensively in China. This report will be made public on SEDAR in connection with the IPO or going public process and once public will be available on the websites of both APR and LAM.
In preparation for the going public process; APR has strengthened its management team. Mr Stephen Hodges, a Director and Founder has now joined Management on a full time basis as Executive Vice President. Mr Hodges has been involved with business in China for more than a decade. He served as Vice Chairman of a Sino-Canadian joint venture, manufacturing underground mine equipment and technology and was also a representative in Beijing, China; for the Canada China Business Council (CCBC). He has also been involved in the high technology industry. Mr Hodges holds a business degree from the University of Western Ontario. In addition, Mr Scott Jobin-Bevans was recently appointed Chief Geologist and Exploration Manager for the company's China projects. Mr Jobin-Bevans has extensive experience in exploration management and project evaluation, both in Canada and internationally. Previous positions include Vice President Exploration, Pacific North West Capital Corp. and Managing Director, Caracle Creek International Consulting Inc. He obtained an MSc in Geology from the University of Manitoba.
As a result of a number of financings done with APR, Laramide now owns approximately two million shares of APR on a fully diluted basis and has a right to participate pro-rata in future financings. Stated Laramide President Marc C.Henderson "with the future of Alliance Pacific now secured, Laramide is free to turn its attention to the pursuit of additional high impact opportunities". Efforts in this regard are well advanced.
For further information:
Marc C. Henderson, President,
Or visit our web site at www.Laramide.com
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