Hillsborough Resources has acquired mining rights to coal properties near Grande Cache, Alta. Mining equipment was also included in the deal. Hillsborough is paying for the properties by placing 682,680 shares in escrow pending receipt of mining permits and sales contracts for the coal by Dec. 31, 2003. Half the shares would be released to the vendor at that time, and the balance released in accordance with a complicated formula based on the amount mined. If the mining permits cannot be secured by the end of next year, the shares would be returned to Hillsborough for cancellation. The company would retain the right to purchase the mining equipment for an agreed price.
David Slater, president and CEO of Hillsborough can be reached at 604-684-9288. Or visit the company’s web site at www.hillsboroughresources.com