International Frontier Resources Corporation
International Frontier Resources Corporation
Corporate-news announcement sent by DGAP.
The sender is solely responsible for the contents of this announcement.
——————————————————————————–
April 4, 2004
Calgary, Alberta
International Frontier Resources Corporation (“IFR” TSX-V) reported today that
the Company’s $1,000,000 debenture issue was over subscribed. The Company plans
to allocate the private placement on a pro-rata basis.
Proceeds from the debenture, together with working capital of approximately $1.2
million, will be used to acquire the Brooks and Ferguson oil properties
announced on April 1, 2004 and to fund future exploration in the Central
Mackenzie Valley, Northwest Territories.
The Company acquired its first NWT Exploration License (100%) in 1997 following
which IFR entered into a Freehold Lease Agreement, Access and Benefits Plan with
the Sahtu Tulita District First Nations. Through a series of farmouts and joint
venture financing agreements a consortium consisting of four major oil and gas
companies and one TSX-V listed company was formed. To date the consortium has
spent approximately $45 million in exploration expenditures on consortium lands
that encompass approximately 1,000,000 acres. As a result of various earning
agreements the Company’s NWT interests are as follows;
EL-397 (342,000 acres) – 5%, IFR paid 1% of Summit Creek B-44 well cost to
retain 5%
EL-416 (199,000 acres) – 7.65% west license adjoining EL-397
EL-391 (82,000 acres) – 10.875% north license adjoining EL-397
EL-401 (326,000 acres) – 3.10% license 20 kms west of Norman Wells
TDL Freehold (55,000 acres) – 3.1% to 10.875%, 10 parcels within area
The Company’s shares are listed on the TSX Venture Exchange trading under the
symbol IFR; the Company has 16,044,918 common shares issued. For additional
information visit the Company’s website at www.internationalfrontier.com or
contact;
Pat Boswell Mark
Powell
403-215-2780 403-215-2783
The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of the contents of this news release. This news
release is not intended for distribution to US news wire services or for
dissemination in the United States and does not constitute an offer of the
securities described herein.
end of message, (c)DGAP 04.04.2004
——————————————————————————–
WKN: A0BLKT; ISIN: CA4599761067; Index:
Listed: Freiverkehr in Berlin
040835 Apr 04
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found