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<-Back to WTN Archives Canadian Company Announces Silver Mining Venture in Sichuan
Tibetan Flag

World Tibet Network News

Friday, January 12, 1996



5. Canadian Company Announces Silver Mining Venture in Sichuan


[This mine appears to be located in a Tibetan area of Sichuan, in Baiyu
County which is west of the Yalong River and adjacent to the Tibet
Autonomous Region. -CR]

ATHABASKA GOLD RESOURCES LTD.

Xiacun Silver-Base Metal Project, Sichuan Province, China
Of Breckenridge Resources Ltd. Agreement In Principle Signed

VANCOUVER, Jan. 11 /PRNewswire/ -- Athabaska Gold Resources Ltd. reports
that Breckenridge Resources Ltd. (Vancouver: BKD) has announced, by News
Release dated January 10, 1996, that an Agreement in Principle has now been
signed with respect to its Xiacun Silver-Base Metal Project in Sichuan
Province, China.

Athabaska Gold Resources Ltd., through a recent private placement
investment and exercise of warrants, holds 24.9% of the outstanding shares of
Breckenridge and holds additional warrants that will, when exercised, give
Athabaska a 30.2% interest in Breckenridge. Athabaska also holds a right of
first refusal with respect to future Breckenridge financings.

The Breckenridge Resources Ltd. News Release is quoted as follows:

"Breckridge Resources Ltd. is pleased to report that it has now
negotiated and concluded an `Agreement in Principle' with respect to the
joint venture development of the Xiacun Silver-Base Metal Project, Sichuan
Province, China. This new agreement supersedes and expands upon the
Memorandum of Understanding previously reported and is a major development in
the process of concluding a final definitive operating joint venture
agreement under the People's Republic of China Law on Chinese-Foreign Joint
Ventures. Our joint venture partner in the Xiacun Project, China Sichuan
Baiyu Xin Yuan Mining Company Ltd., is a consortium formed by the following
four Chinese corporate entities, representing county, prefecture and
provincial government interests:

China Non-Ferrous Metals Chengdu Corporation
Sichuan Provincial Bureau of Geology and Mineral Resources
Ganzi Non-Ferrous Metals Industrial Corporation
Baiyu County Industrial Resources Corporation

Under the terms of the Agreement in Principle, Breckenridge can vest a
67% project interest by completing a bankable final feasibility study and
matching, pro-rata, prior Chinese project expenditures in an amount to be
finalized by further agreement. Thereafter, both parties will share all
project costs and proceeds in proportion to their respective project
interests.

Our Chinese partner wishes to proceed as expeditiously as possible
towards a final joint venture agreement. They have agreed to lead
negotiations, on behalf of the joint venture, with all relevant government
agencies with respect to royalties, tax regime, permitting and other suchÔ


Articles in this Issue:
  1. China communist chief meets anointed Tibet monk
  2. China plans Tibet grain output
  3. Sino-U.S. Aluminium Joint Venture in Gansu
  4. Tibet receives more tourists, sees higher earnings
  5. Canadian Company Announces Silver Mining Venture in Sichuan
  6. Shanghai to aid Tibet with science and technology development



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