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News Release
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YALETOWN ENTERTAINMENT CORP. 407 - 535 Howe Street, Vancouver, B. C. V6C 2Z4 Tel: (604) 688-0118 Fax: (604) 688-3348 CUSIP# 984909101 Rule 12g3-2(b)# 82-4336 |
December 30, 1996 A.S.E Trading Symbol: YAL
YALETOWN FINALIZES GORRO CONTRACTS AND DOUBLES PROPERTY POSITION
VANCOUVER, B. C., CANADA --- Yaletown Entertainment Corp. announces that it has received the final executed contracts from Terra Santa Mining/Mineria Terra Santa Ltda. With respect to the acquisition of its 27 square kilometre copper/gold prospect called the Gorro Property in Chile. The Company is proceeding with the required filings with the Alberta Stock Exchange.
The Company further announces that pursuant to the recommendations of Richard Culbert, Ph.D., the Company has initiated the Government process to expand the Gorro property by securing an additional 27 square kilometres of contiguous ground by way of piedimento (government mining concession). This acquisition will bring the Company's holdings in the Gorro area to 54 square kilometres.
The Company has incorporated a Chilean subsidiary to hold its Chilean mineral concessions.
The Company is continuing with its plans to proceed with an exploration program on the Gorro Property in January, 1997.
Yaletown Entertainment Corp. is a Canadian film producer with diversified interests in mineral resource exploration in South America. The company is listed on the Alberta Stock Exchange under trading symbol YAL.
For further information, please contact Mr. John Cumming, Chief Executive Officer, at (604) 688-0118.
"John C. R. Cumming"
John C. R. Cumming, Director, Chairman & C.E.O.
THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE CONTENTS OF THIS PRESS RELEASE.
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Yaletown Entertainment Corporation, Vancouver B.C. Canada
tel: (604) 669-3543 - Executive/Production Offices
Canadian Venture Exchange: ECY