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Shareholders Approve Amalgamation To Create Tahera Corporation - Winter Exploration Program Announced |
02/08/1999 |
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Shareholders of Lytton Minerals Limited ("Lytton") and New Indigo Resources Inc. approved the amalgamation of the two companies at special shareholder meetings held on February 5, 1999. The Toronto Stock Exchange has conditionally approved the listing of the common shares of the new company, Tahera Corporation, in place of the Lytton shares upon completion of the amalgamation and filing the required documents. The shares of Tahera Corporation will begin trading on the Toronto Stock Exchange under the symbol TAH effective March 1, 1999 subject to completion of court approval and regulatory filings. Tahera Corporation will have 154.3 million shares outstanding.
Winter Exploration Program
The winter exploration program at the Jericho Diamond Project in the Northwest Territories is scheduled to commence during the last week of February. The Jericho Project, located in the north central region of the Slave Structural Province of the Northwest Territories, approximately 400 km northeast of Yellowknife, will be wholly owned by Tahera Corporation.
The initial phase of the program will consist of delineation drilling (1,200 meters) on the recently discovered Contwoyto - 1 kimberlite, followed by drill testing approximately eight priority targets (1,000 meters) in the immediate vicinity of the new kimberlite. In the Jericho area, where three diamondiferous kimberlite pipes (JD pipes) have been discovered to date, ground geophysical surveys to further define targets is planned, followed by drill testing approximately ten of the highest priority kimberlite targets (1,200 meters). The Contwoyto and JD pipes lie within a 30 km radius of the Lupin mine facilities. Current plans call for this phase of the program to be followed by a summer program of geological mapping, prospecting, additional till sampling, geophysics and a follow-up exploration drilling program in the fall of 1999.
Approximately 800,000 hectares of Tahera's land position in the Northwest Territories is subject to a joint venture agreement with Kennecott Canada Exploration Inc. (Kennecott). Kennecott will commence its winter exploration drilling program on the Ice Claims and the Rockinghorse and Hood River properties in March 1999. Approximately 30 - 35 kimberlite targets (4,500 meters) will be tested in the exploration program that will run from March to June 1999. Kennecott is entering the third year of the joint venture agreement that entitles it to earn a 50% interest in the joint venture properties by making expenditures of $50 million.
NEITHER THE TORONTO STOCK EXCHANGE NOR THE VANCOUVER STOCK EXCHANGE APPROVE NOR DISAPPROVE OF THE CONTENTS HEREOF.
For further information, please contact:
Grant Ewing
VP Investor Relations and Corporate Development
Email: investor@tahera.com
Tel: (416) 777-1998
Fax: (416) 777-1898
Toll Free: (877) 777-2004
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