SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT UNDER TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): May 15, 1997
Commission File Number: 0-10104
LA TEKO RESOURCES LTD.
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(Exact Name of Registrant as Specified in its Charter)
BRITISH COLUMBIA 87-0483319
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
625 HOWE STREET, SUITE 500
VANCOUVER, B.C. V6C 2T6
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's Telephone Number, including Area Code:
(604) 688-0833
NOT APPLICABLE
(Former name, former address, and formal fiscal year, if changed since
last report)
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ITEM 5: OTHER EVENTS
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La Teko Resources Ltd. (the "Company") announced on May 15, 1997, that Newmont
Exploration Limited ("Newmont") has advised the Company of significant additions
to the True North Joint Venture property. The True North Property is located in
the Fairbanks gold camp, Alaska, on the Steese Highway, 16 miles north of
Fairbanks and seven miles northwest of the Fort Knox mine of Cyprus Amax. The
most significant new addition is a 53-claim, 1,548-acre parcel on the
southwestern side of the property, acquired pursuant to a recent letter
agreement from Alaska Gold Company.
Since acquiring its option on the True North property in 1995, Newmont has more
than doubled the size of the property, from 3,608 acres to 9,001 acres, or 14
square miles. According to the terms of the joint venture agreement between the
Company and Newmont, the Company has the option to pay its 35% share of the
acquisition cost of new properties within the joint venture's area of interest,
while ongoing holding and exploration costs are covered by Newmont. The
Company's share of these acquisition costs has amounted to approximately
$175,587 to date.
Newmont can earn a 65% interest in the True North Property by paying $6 million
to the Company, now fully paid, and expending $21 million on exploration of the
property, including a feasibility study. Expenditures by Newmont to the end of
1996 were $6.1 million. At this time, Newmont is continuing with its
aggressive, first phase drilling program for 1997 budgeted at $2.1 million and
targeted for completion by June.
The Company also announced the retirement of its controller, D. Spencer Nilson,
and, effective immediately, the closure of its Salt Lake City office. All
accounting and administrative functions have been moved to Vancouver. The
Company thanks Mr. Nilson for his many years of dedicated service to La Teko.
La Teko Resources Ltd. Is a gold exploration company active in the Fairbanks
Mining District of Alaska. The Company holds two projects in the advanced
exploration to development stage, the True North Property and its 100% Ryan Lode
project, as well as several early stage exploration projects.
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SIGNATURES
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Pursuant to the requirements of section 13 or 15(d) of the Securities
Exchange of 1934, as amended, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
LA TEKO RESOURCES LTD.
Dated: May 22, 1997 By/s/ Gerald G. Carlson, President
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