News in Brief (March 09, 1987)

Terratech Resources says arrangements have been completed to dispose of its remaining interest in Health Development Services. President Hugh Cameron says profit on the transaction will be reflected in Terratech’s first quarter results.

Vior Mining Exploration and Dufresnoy Mining Exploration have acquired 51% and 49% interests, respectively, in Les Granites Frontenac, a granite factory at Lac Drolet, Que. Vior also recently purchased a red granite quarry near Winnipeg.

Orcana Resources has completed a private placement of flow-through shares to MVP Exploration (1987). The deal raised $500,000 which Orcana will use to fund exploration in 1987.

Energex Minerals has, subject to regulatory approval, reached agreements with the CMP Fund 1987 Resource Partnership and Co. Ltd; CMP 1987 (Quebec) Resource Partnership and Co. Ltd. and the Deductible Opportunities Fund 1987 Mineral Ltd. Partnership for private placements of flow-through shares at approximately 93 cents per share. These funds will invest a total of $1.02 million to purchase common shares of Energex at a premium over the closing price at Feb 11 as quoted on the TSE.

John H. McAdam has filed a notice of intention to distribute 50,000 common shares of McAdam Resources through the facilities of the Toronto Stock Exchange on or after March 4. Mr McAdam holds 735,000 common shares of the company.

Savanna Resources has entered into an agreement with First Exploration Fund 1987, which will raise $1 million for exploration purposes. Savanna will issue 500,000 flow- through shares at $2 per share.

Diamond drilling, line cutting and ground geophysics at a budget of $500,000 is under way at the 324-claim property held in joint venture by Bresea Resources and Ayrex Resources in Desmazures and Cavalier twps. in the Casa Berardi area of northwestern Quebec.