Glen Auden Res. reaches agreement on Hurtubise Twp.

Glen Auden Resources and the Turgeon Staking Syndicate have entered into agreements with New Kelore Mines and Conscot Resources regarding two properties in Hurtubise Twp., Ont.

Under the terms of the agreements, both New Kelore and Conscot have the right to earn from Turgeon a 50% participating interest in the respective properties by expending $500,000 each on exploration on or before July 15, 1989.

In each case Glen Auden holds a 50% interest carried to the completion of the $500,000 expenditure. Thereafter, a joint venture will be created with each of New Kelore and Conscot. Glen Auden will be the operator of the joint venture and all further expenditures will be on a pro rata basis.

Both agreements are subject to a 2% net smelter interest in favor of Turgeon.

In other company news, Glen Auden, in conjuntion with its joint venture partner Adola Mining Corp., has completed the exploration program on the Grenfell Twp. property near Kirkland Lake, Ont.

Here, several narrow mineralized zones containing gold values ranging from trace amounts to a high of 0.17 oz gold per ton were identified in a number of trenches excavated on the property. Ten diamond drill holes totalling 1,933 ft did not encounter any significant gold mineralization. As a result, Glen Auden says no further work is planned and the property has been returned to the vendors.