U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: May 22, 2000
VEGA-ATLANTIC CORPORATION
(Exact name of small business issuer as specified in its charter)
COLORADO
(State or other Jurisdiction as Specified in Charter
00-27845 84-1304106
(Commission file number) (I.R.S. Employer Identification No.)
4600 South Ulster Street
Suite 240
Denver, Colorado 80237
(Address of Principal Executive Offices)
(800) 721-0016
(Issuer's telephone number)
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Items 1 through 4, 6 and 8 not applicable.
Item 5. Other Events
Reference is made to the press release issued to the public by Registrant
on May 9, 2000, the text of which is attached hereto as Exhibit 99.2, for a
description of the events reported pursuant to this Form 8-K.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits.
99.2 Press Release dated May 9, 2000.
SIGNATURES
In accordance with the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
VEGA-ATLANTIC CORPORATION
By: /s/ Grant Atkins
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Grant Atkins, President
By: /s/ Herb Ackerman
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Herb Ackerman, Secretary
VEGA-ATLANTIC CORPORATION (OTC BB-VGAA)
FOR IMMEDIATE RELEASE Denver, Colorado May 9, 2000
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VEGA-ATLANTIC CORPORATION ANNOUNCES OPERATIONAL UPDATE
Vega-Atlantic Corporation ("the Company") (symbol OTCBB: VGAA) provides the
following operational updated with respect its planned joint venture projects.
Acquisition of Tun Resources Ltd. Completed: The Company has executed final
closing agreements with, and received vendor closing deliveries from Golden
Thunder Resources Ltd. for the purchase of 80% of the issued and outstanding
shares of Tun Resources Ltd. ("Tun Resources"). The Company has issued 1.6
million shares to Golden Thunder Resources Ltd. pursuant to the close of this
acquisition. Under the terms of a definitive share purchase and sale agreement,
the Company will provide a total of $1,180,000 by August 15, 2000 to fund
current Tun Resources JV projects in the Peoples Republic of China ("PRC").
Update on Proposed Projects: the Luomachang Silver Mine and the Xiaoshuijing
Gold Deposit The Company has hired Mr. David Taylor, a professional geologist,
who is currently conducting due diligence of proposed joint venture projects in
China. Mr. Taylor is performing site visits, confirmations, and inspections of
the Luomachang silver mine and the Xiaoshuijing gold deposit in the Yunnan
Province of China from May 7 to 27, 2000. In the Luomachang silver mine, Mr.
Taylor will review all the previous geological data and the current mining area
as well as the surrounding areas of geological interest as part of a due
diligence to evaluate the geological resources of the deposit. Financial
information for the Luomachang project is also currently under review. If due
diligence is completed to the satisfaction of the Company, future objectives are
to increase mining of the Luomachang silver mine from 300 tonnes per day to 500
tonnes per day, and produce approximately one million ounces of silver per year.
Mr. Taylor will also visit and inspect the Xiaoshuijing gold deposit and review
all the previous geological and development data as part of currently mandated
due diligence. Additional inspection of the deposit will include the
verification and confirmation of previously identified resources by drilling.
The Company anticipates that Mr. Taylor will be producing geological reports and
summaries within 30 days.
Update on Yuntong Gold Mining Project: Tun Resources has initiated preparation
for the construction of a heap leach gold operation in the Shagzhai Gold
Deposit. Tun Resources also announces that it is continuing its exploration in
the 30 square kilometer exploration concession with trenching, test pits, and
tunneling. While in China, Mr. Taylor will be inspecting and making
recommendations with regard to the Lannitang and Daqiaoqing prospects as part of
the Yuntong project.
Tun Resource's "Yuntong" joint venture owns a 30 square kilometer exploration
concession that contains 4.2 - 4.6 g/t surface deposits with 100,000 oz of gold
resource. Detailed geological reports are in place including column leach
testing. In the column leach tests, the recovery of gold attains 85%. Tun
Resources owns an 82% interest in this joint venture, but plans to increase its
ownership to 90% this year via option agreement.
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Contact: Gary Powers, Investor Relations E-mail: [email protected]
Website: vega-atlantic.com Phone: (800) 209-2260 or (303) 740-6737
Fax: (800) 713-5349 or (303) 740-6738
SAFE HARBOR STATEMENT
Forward-looking statements in this release are made pursuant to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties, including, without limitation, commodity prices of precious
metals and actual results differing materially from projections because of
geological factors, operation factors, government regulations or factors relied
upon from independent sources, may either negatively or positively impact
exploration or mining operations. Forward-looking statements involve known and
unknown risks and uncertainties that may cause the Company's actual results in
the future periods to differ materially from forecasted results. The Company
assumes no obligation to update the information in this release.
