Estrades funding comes from Golden Day’s mega-offering

Golden Day Explorations and Co., Ltd. Partnership, one of the Noramco Mining Corp. group of companies, which are directed by Bruce McDonald and Gordon Keevil of Vancouver, has in its first public offering raised $66.1 million so far. And more is to come.

There are still 18,900 units in the company available to the public. Each unit is being sold for $1,000. Funds from this large public offering are to be spent in two ways: * For flow-through shares in 20 mining companies. * And for Golde n Day Mining Exploration to earn a 70% interest in seven properties in Quebec and nine properties in Ontario held by 16 companies. All are affiliated with Noramco.

The Estrates project in the Casa Berardi area of northwestern Quebec will be just one of the beneficiaries. Golden Day will provide $3.27 million for shares of Golden Group Explorations ($2.38 million) and Golden Hope Resources ($890,000). These funds will go to exploration work there in preparation for a feasibility study. (See front-page story).

Emerald Lake Resources, which is bringing the Golden Rose mine near North Bay, Ont., into production, will benefit as well. A 400-ton mill is expected to be in full production there next month. Production could be 36,000 oz of gold in the first 12 months. Golden Day is to provide $2.5 million to Emerald Lake for shares. Ore reserves on the Golden Rose property are 2.48 million tons grading 0.22 oz gold per ton.

Other investment projects include: * $5,234,000 to Highland-Crow Resources for work on the Pickle Crow property at Pickle Lake, Ont. * $1,859,000 to Severide Resources Inc. for work on a gold property near Fort Hope, Ont., called Keezhik Lake. * And $1,433,000 to Quinterra Resources Inc. for work on the Central Patricia mine property in Pickle Lake, Ont.