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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 |
Friday, February 14, 1997 A.S.E Trading Symbol: YAL
CORPORATE UPDATE
VANCOUVER, B. C., CANADA --- Further to requests from shareholders Yaletown Entertainment Corp. advises that it is actively proceeding with both its film production and mineral exploration projects.
Film Production
The Company's plan for 1997 is to have three feature films in various stages of production and three to four in pre- production for 1998.
The Company plans to proceed with The CBS Murders based on Richard Hammer's true story of fraud and murder, crime and detection in New York's diamond district. The third draft of the story treatment has been completed under the working title A Girl's Worst Friend, the search for a screenwriter is underway and casting of the lead roles is under consideration. Initial budget estimate for The CBS Murders is $6.2 million.
As announced January 1, 1997, Yaletown has signed a U.S.$2,000,000 five movies over four years deal with Loganworks Limited, owned by Hollywood screenwriter/director Bob Logan (Meatballs 4; Repossessed), which includes the completed screenplay Neighborhood Watch. Logan's rollicking comedy about the perfect American neighbourhood is a fun-for-the-whole-family movie. Budget preparation and casting discussions are underway. The agreement is subject to completion of financing and A.S.E. approval.
Yaletown's third movie title remains undisclosed at this time pending the conclusion of negotiations for literary rights. It will be however, completely different from Yaletown's other projects.
The Company continues to review scripts and literary works for suitable film product and is examining some co- production possibilities.
This ambitious production schedule is subject to numerous factors including the availability of suitable scripts, the ability to secure strategic co-production partners, the reception for these projects by distributors and end users and the availability of continued finance.
Mineral Exploration
The Company holds an option to acquire the 27 square kilometre Gorro mineral concession in the Maipo region of Chile. The Company recently announced the commencement of the expansion of this property by another 27 square kilometres. The Company has determined to expand the property by an additional 11 square kilometres for a total land position of 65 square kilometres. All properties are contiguous. The acquisition cost of the Gorro property is U.S.$270,000. The expansion properties will be obtained by government filings at cost.
The Gorro property is situated 75 kilometres south-east of Santiago and 35 kilometres east of El Tentiente, the largest underground copper mine in the world.
Reconnaissance sampling in 1996 indicated three styles of mineralization on the Gorro: chalcopyrite and copper oxides with gold credits, massive sulphides with chalcopyrite, and precious and base metal mineralized gypsum diapirs.
A Phase I exploration program of U.S.$250,000 has been recommended to be followed by a U.S.$950,000 drill program if warranted. Dr. Richard Culbert, the Company's consulting geologist in Chile, is planning the Phase I exploration program and organizing crews. It is anticipated that work will commence within seven to ten days.
Yaletown is of the view that Chile continues to be a prime area for mineral exploration. A number of significant copper mines have been discovered in recent years. The Chilean government is stable and ownership of mineral discoveries remain certain. There is freedom to develop discoveries and the Chilean government actively co-operates with both domestic and international industry participants.
The Company's ability to continue with mineral exploration activities will be subject to the availability of continued financing.
"We anticipate that 1997 will be a busy year, a very busy year, for Yaletown" said Yaletown C.E.O. John Cumming. "We foresee a lot of activity in both the film production and the mineral exploration divisions during 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