Findore Minerals Inc./Gregor Goldfields Corp. Agree to Purchase "Goldfeast" Property in Northeastern Ontario

Business Wire, Sept 10, 1996

TORONTO--(BUSINESS WIRE)--Sept. 10, 1996--The company is pleased to announce it has reached an agreement with Robin Mathieu and Richard Mathieu of Timmins, Ontario.

Findore Minerals Inc., along with Gregor Goldfields Corp., has agreed to purchase the "Goldfeast" property that consists of 46 claims (1,840 acres) in Godfrey, Turnbull, Carscullen, and Bristol Township, located in the Porcupine Mining Division of Northeastern, Ontario, approximately 19 kilometres west of Timmins and 11 kilometres north-northwest of the Band-Ore Resources Ltd. find.

Findore Minerals Inc. (FNDR-OTC) and Gregor Goldfields Corp. (GGLD-OTC) are participating as fifty per cent (50%) partners. In order to purchase these properties Findore and Gregor are paying Robin and Richard Mathieu forty thousand dollars ($40,000) on closing (Oct. 8, 1996) and twenty-five thousand shares (25,000) from Gregor Goldfields and twenty-five thousand shares (25,000) from Findore Minerals.

As well, Richard and Robin Mathieu will receive a further forty thousand dollars ($40,000) from Gregor Goldfields and Findore with an additional 25,000 shares from Gregor and Findore on April 8, 1997. The Mathieus will also receive another 50,000 shares from both Findore and Gregor on Oct. 8, 1997 and April 8, 1998 with 25,000 respectively.

The "Vendors," the Mathieu brothers, will retain a 2% Net Smelter Royalty (NSR) on the Goldfeast property that Findore and Gregor will have an option to purchase for two million dollars ($2,000,000).

Findore and Gregor have a condition on this purchase that they have thirty (30) days to do their due diligence on the Goldfeast property before the closing on Oct. 8, 1996.

The vendors have had some surface grab samples tested from the Godfrey and Bristol Townships at Swastika Laboratories. Here are the results: -0-