|T.S.E. SYMBOL: SAO
S.E.C. Registration: 0-22216
|Vancouver, British Columbia, May 22, 1997: San Andreas Resources Corporation (the "Company") is pleased to announce that it has agreed to a private placement of 1,750,000 units at a price of $0.45 per unit to raise gross proceeds of $787,500. Each unit will be comprised of one common share in the capital of the Company and one non-transferable share purchase warrant. One warrant will entitle the holder to purchase on additional common share of the Company at a price of $0.50 per share. The warrant will be exercisable up to and including September 30, 1997. A finder's fee may be payable.
Closing is subject to board and regulatory approval and completion of final documentation. The proceeds of the finance will be used for working capital and metallurgical work to be done on its Prairie Creek property.
|FOR FURTHER INFORMATION PLEASE CONTACT:
SAN ANDREAS RESOURCES CORPORATION
|Tony Millar, Chairman & C.E.O.||(UK):||011 44 1252 794740|
|Alan Taylor, President||(CANADA):||(604) 688-2001|