VANCOUVER, British Columbia -- Bonaventure Enterprises Inc. ("Bonaventure" or the "Company") has entered into an agreement to acquire a 100% interest in the CMC Silver Property, Watson Lake Mining Division, Yukon Territories, consisting of 104 silver/quartz mineral claims &
In consideration therefore, the Company has agreed to pay the Vendors Cdn$1,500,000, $750,000 of which may be paid, at the option of Bonaventure, by the issuance of common shares in the capital stock of the Company. The payments will be made in stages, the first of which will be Cdn$400,000 on receipt of regulatory approval, Cdn$366,666.66 within six months of regulatory approval, an additional $366,666.66 within 12 months of regulatory approval, and $366,666.66 within 18 months of regulatory approval.
As a condition to closing, the Vendors are required to deliver to Bonaventure an independent evaluation of the Property prepared in accordance with National Instrument 43-101 which is acceptable to the Exchange, which will include a phased work program budget setting out an estimated expenditure of Cdn$1,000,000.
The CMC Silver Property is located in the southern Yukon in a mineralized area that in the past has been explored for tungsten and molybdenum, and more recently for high-grade silver. It is part of a mineral belt that extends southeast across the Yukon-B.C. border.
Mineral reserves calculated in a 1987 report prepared for Silver Hart Mines Limited, after completion of an extensive work program from the spring of 1985 through November of 1986 by W.S. Read, B. Sc., P. Eng. totaled 59,803 tons, averaging silver 40.23 oz/ton, with an indicated silver content of 2,406,760 ounces in the probable category. Additional new targets discovered have the potential to increase reserves.
About Bonaventure Enterprises Inc.
Bonaventure Enterprises Inc. is a Canadian based resource and exploration company traded publicly under the symbol BVT on the TSX-VE Exchange and BVTEF on the OTC Bulletin Board. The Company's mission is the discovery and development of economic, multi-million ounce gold & silver deposits through the exploration of high quality projects, located primarily in Nevada and Canada in areas of historically big discovery potential and low cost production. Bonaventure Enterprises Inc. has progressed from a prospecting syndicate to a technology solutions company to an exploration company with a substantial portfolio of exploration projects prospective for gold and silver. Bonaventure Enterprises Inc.'s website is www.bonaventure.us.
For Investor information, please call (604) 718-2800, fax (604) 718-2808.
ON BEHALF OF THE BOARD OF DIRECTORS
"Basil Pantages"
Basil Pantages, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.