Jun 09, 2004
International Frontier Announces NWT Land Sale Results
CALGARY, AB, June 9, 2004 - International Frontier Resources ("IFR" TSX-V) today announced that the Minister for the Department of Indian and Northern Affairs Canada awarded Exploration License No. 423 ("EL-423") to Northrock Resources Ltd. (32.5000% operator), Husky Oil Operations Limited (29.4775%), EOG Resources Canada Inc. (26.3975%), Pacific Rodera Energy Inc. (6.6250%) and International Frontier Resources Corporation (5.000%). EL-423 was granted to the consortium for a work program bid of $24,800,000. The license covers an area of 226,550 acres and encompasses TDL Freehold lease M-39 (11,718 acres) in which IFR holds a 10.875% interest.
The annual Call for Bids in the Central Mackenzie Valley covered five parcels of which four Exploration Licenses were awarded for aggregate work commitments of $63,000,000. IFR (100%) was unsuccessful in a bid on CMV-3, now EL-424, as this License was awarded to a higher bidder. EL-424 (201,520 acres) surrounds the Company's TDL Freehold parcels M-32 (10,682 acres) and M-33 (10,682 acres) in which IFR holds a 10.875% interest.
The Company also announced today it has closed on a previously announced (April 1, 2004) private placement of $975,000, 9.5% Convertible Redeemable Debentures. The Debentures have a term of four years, pay interest at a rate of 9.5% and are convertible into common shares at $0.60 per share in year 1, $0.65 per share in year 2, $0.70 per share in year three and $0.75 per share in year four. The Debentures and any shares acquired on conversion are subject to restriction on re-sale until October 4, 2004.
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