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: February 17, 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 February 15, 2000, the text of which is attached hereto as Exhibit 99.1, 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.
99.1 Press Release dated February 15, 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 February 15, 2000
VEGA-ATLANTIC CORPORATION ANNOUNCES TUN RESOURCES INC'S
FURTHER ACQUISITION OF 800,000 OZ INDICATED GOLD RESOURCE
Vega-Atlantic Corporation ("the Company") (symbol OTCBB: VGAA) announced that on
January 13, 2000 the Company entered into an Agreement (the "Agreement") to
purchase an 80 % interest in issued and outstanding shares of Tun Resources Inc.
("Tun Resources"), a Canadian private corporation, from Golden Thunder Resources
Ltd., a reporting public company listed in the Canadian Venture Exchange.
Vega-Atlantic Corporation also received an option to purchase the remaining 20%
of Tun Resources at fair market value until August 15, 2002.
Tun Resources is the major stakeholder in two gold exploration and development
joint ventures in the Yunnan Province of China. Tun Resource's "Yuntong" joint
venture (Yunnan Yuntong Exploration Co. Ltd) owns a 30 square kilometer
exploration concession that contains 4.2 - 4.6 g/t surface deposits with a
100,000 oz of gold resource.
Tun Resources is pleased to announce that its Yuntong joint venture, a
Sino-Foreign joint venture company between Yunnan Dianxi Exploration and Mining
Co. Ltd. (Dianxi Co.) of the No. 3 Geological Brigade, Yunnan Province, PRC, and
Tun Resources, has executed a definitive agreement to acquire two gold deposits
which, when combined, have drilled indicated resources of 803,000 ounces (as
calculated by the No. 3 Geological Brigade) of gold from Dianxi Co., which
adjoin the current exploration areas of the Yuntong joint venture in Yunnan
Province, PRC.
Previous geological work on the two gold deposits show as follows:
Lannitang Deposit
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No of drill holes 41
Meters drilled 12,075
Tunnel length in meters 563
Drill indicated reserve 12.8 tonnes of gold
Grade of gold, g/t 5.62
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Daqiaoqing Deposit
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No of drill holes 27
Meters drilled 12,983
Tunnel length in meters 1,079
Drill indicated reserve 12.2 tonnes of gold
Grade of gold, g/t 5.73
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Combined for Lannitang and Daqiaoqing
Drilled indicated resources: 25.0 tonnes of gold (803,601 ounces)
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Tun Resources plans to conduct definition drilling and feasibility study on
these two deposits in order to put them into production as early as possible.
With these two deposits, the Yuntong joint venture will have approximately
900,000 ounces of gold resources of which 100,000 ounces are from two surface
deposits that are readily heap leachable (highly weathered saprolites). The
Yuntong joint venture exploration areas surround the 2.2 million ounce Zhen Yuan
Gold Mine operated by the Zhen County Government producing at a rate of about
20,000 ounces of gold per annum.
Tun Resources also announces that preparations are in progress to start mine
construction of two surface gold heap leaching operations in the Yuntong joint
venture gold property. The company plans to produce about 10,000 ounces of gold
per annum from the surface gold deposits. All mining production permits for this
concession's 100,000 oz gold resource are in place for initial heap leach mine
operations to begin during the second quarter of this year. Tun Resources'
Yuntong joint venture will focus on proving actual production with modest
investment to prove profitability.
The Company is developing a diversified international resource exploration and
development program. The Company's other gold exploration interests include a
Panama corporation, Golden Cycle de Panama Inc., that has a gold exploitation
concession of 11.58 square miles that include the dormant, Margasas and Cocuyo
gold mines where significant gold values have been reported in the northern
province of Veraguas, Conception River Area, in the Republic of Panama. The
concession contains both hard rock and alluvial gold prospects.
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Contact: Investor Relations E-mail: [email protected]
Website: vega-atlantic.com Phone: (800) 721-0016
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.
