News in Brief (February 02, 1987)

Ligneris Mineral Exploration has raised $940,000 in a public financing. Drilling is set to begin on the company’s Ligneris Twp. property and on its Glandelet Twp. property, both in northwestern Quebec.

American Barrick is now the sole owner and operator of the Goldstrike mine in Nevada. This follows the approval by shareholders of Pancana Minerals of a plan of arrangement which results in Pancana becoming a wholly-owned subsidiary of Barrick. The plan has been sanctioned by the court of the Queen’s bench of Alberta. Barrick acquired the remaining 50% interest of the mine from Western States Minerals on Dec 31.

At a special meeting on Jan 15, shareholders of Poco Petroleums passed a special resolution appoving an arrangement which provides that the holders of common shares of Poco will receive one common share of Bonanza Oil & Gas for each 20 common shares of Poco held.

The TSE has accepted a notice of intent by Scrintrex Ltd. to make a normal course issuer bid to purchase on the open market through the facilities of the exchange up to a maximum of 95,000 common shares, being approximately 5% of the company’s issued and outstanding shares as of Jan 26. The bid will start on Feb 10, 1987, and end on Feb 9, 1988. The price paid will be the market price at the time of acquisition.

Arbor Resources reports it has terminated diamond drilling on its Belleterre gold prospect in Quebec, since results to date have shown uneconomic gold values. President Richard Hughes adds, however, that the company is continuing drilling on its Dawson City gold prospect in the Yukon, as well as on a second property five miles east of Perron Gold Mines’ prospect at Soisson, Que.

Cons. Cinola Mines has changed its name to City Resources (Canada) Ltd. on a share-for-shares basis.

Seatac Resources has changed its name to Interbev Packaging Corp. on a share-for-share basis.

Ashcroft Resources has changed its name to Tchaikazan Enterprises Inc. on a 1-new-for-4-old-share basis.

Sonor Resources has changed its name to Home Capital Group Inc. on a share-for-share basis.

Amendments to Quebec’s stock savings plans announced Dec 11 could reduce by approximately 30 cents per share the amount Aiguebelle Resources shareholders will be able to receive if a proposed amalgamation of Aiguebelle and a wholly- owned subsidiary of Cambior goes ahead.