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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 |
Tuesday, January 13, 1998 A.S.E Trading Symbol: YAL
VANCOUVER, B. C., CANADA ------Yaletown Entertainment Corp. (the "Company") announces:
Investor Relations Agreement
The Company has entered into an investor relations employment agreement with Arnold Miller. Mr. Miller will receive $2,500 per month, subject to review, and 100,000 incentive stock options per annum. The agreement is for a three year term subject to termination upon 30 days notice. The employment agreement and the incentive stock options are subject to Alberta Stock Exchange acceptance.
Weird Homes Update
Further to the Company's news release of September 30, 1997 the Company has completed a sample pilot of one home from its proposed television series on Weird Homes. The pilot, developed in conjunction with the Life Network, will be sent to several interested broadcasters and distributors in Canada and the United States.
Headhunter Update
Further to the Company's news release of February 20, 1997 the Company has engaged screenwriter Don White to develop the Headhunter book into a feature film screenplay. Work on the screenplay is underway and expected to be completed within approximately two months. Headhunter is a horror/thriller set in the Pacific north-west. Shooting, originally planned for winter of 1997/98, is tentatively re-scheduled for winter 1998/99.
Project Taltal Update
Further to the Company's news release of September 8, 1997 the Company has received the report from independent geologist Peter J. Roberts regarding Project Taltal, the Company's 30 square kilometre, multi-prospect copper/silver project located in north coastal Chile.
From the report of Peter J. Roberts "The potential [at the Humberto Prospect] for development of a medium size, medium grade, copper deposit is excellent. The grade of the current operation is 2.8%. While there is clearly some high-grading of ore by selective mining and hand picking at surface, grades in excess of 2% Cu can be anticipated. Mineralization and alteration are identical to the Las Luces deposit 14 km to the south where a resource of 7 [million tonnes] has been defined by drilling and where a head grade of 1.4% Cu is being maintained on a 2500 [tonnes per day] underground [mining] operation. At Las Luces mineralization extends to depth beyond 600m. Ore controls are identical at Humberto. A 400m strike length is confirmed for primary mineralization at Humberto. Surface workings suggest a strike length of at least 1000m. The width, thickness and the lateral and vertical extent of primary, flow top controlled copper mineralization at Humberto can only be established by a programme of close spaced drilling. There is exciting potential for a Las Luces type deposit, i.e. 5 - 10 [million tonnes] grading 1.5 - 2.5% Cu."
"The prime objective is to establish a proven ore reserve at Humberto which will facilitate early mine development. The secondary objective is to gain a better understanding of ore controls at the various known prospects, to define drill targets on them, and to assess the potential of the numerous copper showings elsewhere in the project area."
A program totalling U.S.$2,400,000 including 19,200 meters of diamond drilling has been recommended.
The acquisition remains subject to Alberta Stock Exchange acceptance.
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 tel: (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