News in Brief (July 06, 1987)

Abaterra Energy reports it has signed a letter of intent with Marshall Energy whereby Abaterra proposes to sell substantially all of its petroleum and natural gas properties and interests to Marshall, for a sum of approximately $2,100,000, payable by the retirement of a portion of Abaterra’s bank debt in that amount.

Tillicum Gold Mines has changed its name to Tillicum Industries Ltd. on a share-for-share basis. There is no change of symbol.

Suntec Ventures has changed its name to Consolidated Suntec Ventures Ltd. (cqv:vse) on a 1-new- for-4-old share basis.

A shaft sinking program on a gold play in Colombia, South America, is producing encouraging results for Greenstone Resources, the company says. A grade of 0.69 oz gold per ton was assayed across a narrow section of 1.2 ft. The shaft’s objective is 200 ft. From here, the company plans to perform 300 ft of drifting.

McChip Resources, through its wholly-owned subsidiary McChip Resources U.S.A., has reached an agreement with Reserve Exploration of Tulsa, Okla., whereby McChip will exchange its interest in the Oklahoma oil and gas properties of Reserve for 638,435 newly issued and restricted common shares in Reserve. Upon completion of the transaction, McChip will own 44% of the issued and outstanding common shares of Reserve.

Dore Explorations is joining with Orofino Resources to explore Canuc Resources’ Coronation Gulf gold property in the Northwest Territories. Past work has focused on two veins where drilling to shallow depth outlined reserves of 855,000 tons grading 0.22 oz gold per ton. Estimated cost of the exploration program is $257,000. The Dore- Orofino agreement is subject to regulatory approval. N22

** News in Brief **

Golconda Minerals of Australia is issuing bonus shares in the ratio of one ordinary fully-paid share of 20 cents par value for every three ordinary fully-paid shares (bonus shares fractions will be disregarded) held by shareholders as of June 26, the company reports.

Golconda Minerals of Australia is issuing bonus shares in the ratio of one ordinary fully-paid share of 20 cents par value for every three ordinary fully-paid shares (bonus share fractions will be disregarded) held by shareholders as of June 26, the company reports.

Trafalgar Resources has changed its name to WCN Investment Corp. and shares have been subdivided on a 3-new-for-1-old share basis.