Pacific Comox - Anglo American signs letter of intent on New Ghana prospects

Business Wire, Nov 23, 1994

VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 23, 1994-- Pacific Comox Resources Ltd. (the "Company") is pleased to announce that a letter of intent has been entered into with Anglo American Prospecting Services (Pty) Limited ("Anglo American") of Johannesburg, South Africa.

The Company has granted Anglo American the first right to take up and further develop as joint ventures new projects identified by Pacific Comox within a 16,000 square kilometre area of south western Ghana. This area covers all of the major producing gold mines in Ghana.

Anglo American will have the right to earn from 51 per cent to 60 per cent with the Company retaining up to 30 per cent, depending on any underlying third party interests, and the Government of Ghana 10 per cent. Anglo American has agreed to pay all acquisition and development costs of any projects selected by Anglo American through the pre-feasibility stage. Should the Company decide at the completion of the pre-feasibility study or at a production decision, not to participate in further funding and its interest is diluted below 10 per cent, Pacific Comox would then retain a 6 7/8 per cent carried interest to production.

The Company will be the sole operator with respect to the selection of targets for follow up. Anglo American would become the operator once ground selection has commenced. This agreement is not applicable to the Company's current property interests in Ghana.

The Company is very pleased to have Anglo American as its partner for the further development of our new African prospects.

The Vancouver Stock Exchange neither approves nor disapproves of the information contained herein.

CONTACT: Douglas R. MacQuarrie, (604) 684-5852