Canadian Giant to explore Terrex’s Newfoundland bet

Situated about 10 km south of the Bitech Energy Resources’ and Equity Silver Mines’ joint venture gold project at Betts Cove on Newfoundland’s north coast, the claims are geologically similar to the Bitech project.

The claims were owned by Nippers Harbour until the Newfoundland company became a wholly- owned Terrex subsidiary in a recent share swap agreement. Under the agreement, Terrex purchased all of the outstanding shares of Nippers Harbour in exchange for 1.5 million Terrex shares at 5 cents per share.

In a separate deal, Canadian Giant Exploration (VSE) of Toronto, has agreed to earn a 49% stake in the Nippers claims by making a $300,000 cash payment and spending $1.5 million on exploration over three years. Based in Toronto, Canadian Giant is an 28%-owned affiliate of the Australia-backed First Toronto Mining Corp.

The deal is contingent on Canadian Giant satisfying the Alberta Stock Exchange that it has $250,000 available to finance the initial exploration phase. Terrex says it has received $50,000 to date.

Calgary investment firm C. J. Robb Investments, Pamiba Estates of Toronto and Lundrigan Consulting Services Ltd. (a company controlled by former Newfoundland politician John Lundrigan) have each acquired 380,000 Terrex shares for $49,500. Pamiba and Lundrigan Consulting each own directly 830,000 Terrex common shares which represents a 22.19% interest.

Bitech President James Wade was recently appointed President and director of Terrex.

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