VANCOUVER, BRITISH COLUMBIA, May 30, 2007 -- Anglo Swiss Resources Inc. (TSX VENTURE: ASW)(OTCBB: ASWRF)(BERLIN: AMO) intends to immediately commence a new planned work program on its historic Kenville Mine Property located near the City of Nelson in southeastern British Columbia. The initial work program is expected to consist of ground geophysics on a large anomalous zone measuring 1000 x 250 meters along a NW/SE trend, originally discovered by Teck Corp., operating under an option joint venture agreement with Anglo Swiss in 1995 and 1996. Anglo Swiss' 2007 exploration program will be supervised by Glen Macdonald, P.Geo, a qualified person as defined in NI 43-101.
Gold Standard Resources Corp., Babylon Enterprises Ltd., Foaming Holdings Ltd., Glacial Holdings Inc. and Tracer Enterprises Ltd., former Optionees under an option joint venture agreement with Anglo Swiss respecting the Kenville Mine Property, have been notified by Anglo Swiss that the option joint venture agreement is at an end and that they have no further interest in the property.
On a related matter, Terasen Gas Inc. ("Terasen") has recently commenced a lawsuit against the former Optionees, Anglo Swiss, and others alleging that, amongst other things, these parties, or some of them, authorized, permitted, or performed excavation on a slope located on the Kenville Mine Property during the term of the OJVA and that this conduct adversely impacted a pipeline running through a statutory right-of-way held by Terasen over the Kenville Mine Property. Terasen is seeking relief including damages. Anglo Swiss as the owner of the property intends to vigorously defend this lawsuit.
On behalf of the Board,
Len Danard, President &CEO
Contacts:
Anglo Swiss Resources Inc.
Len Danard
President &CEO
(604) 683-0484
(604) 683-7497 (FAX)
Email: info@anglo-swiss.com
Loading...
Loading...