Queries What ever happened to Nickel Rim?

What-ever happened to Nickel Rim Mines’ plans to change its name to Colosseum Gold Mines? P.O., Toronto, Ont.

Phew] Where does one begin? As recalled last July the shareholders of Toronto-listed Nickel Rim Mines approved a consolidation of shares on a one for 10 basis and a name change to Colosseum Gold Mines.

The plan was for two Australian companies called Grants Patch Mining and Regent Mining, which acquired an 11.2% of the issued capital of Nickel Rim to vend their North American assets into Colosseum Gold. Thereby, Colosseum would acquire an interest in three U.S. precious metals projects.

The first was a 75% working interest plus operatorship in the Colosseum gold project in California; the second was a 27.9% working interest in the Green’s Creek project, a precious and base metals deposit on Admirality Island in southern Alaska and the third was a 50% interest and operatorship in the London mine project of Colorado.

This did not happen. Michael Kearns, who was then president of Colosseum Gold Mines, tells us the entire restructuring was contingent on the completion of a private placement of $42 million. This private placement did not occur and hence Nickel Rim did not become Colosseum Gold, nor were the three properties transferred to the company.

What did happen was this. The two Australian mining companies, Grants Patch and Regent Mining sold their interests in the three U.S. precious metals projects to a private Australian company call Dallhold Investments, which is headed up by Allan Bond, a well known and “major businessman” in Australia, says Mr Kearns.

If the name Allan Bond rings a bell, he was involved in sponsoring the Australian sailboat in the recent America’s Cup race.

Mr Kearns is now vice-president of Colosseum California, a wholly- owned subsidiary of Dallhold.

And what about those three U.S. projects? Dallhold, through Colosseum California is in the process of developing the Colosseum Gold mine. “We’re pouring the concrete for the foundation of the mill right now,” says Mr Kearns and plan to pour the first bar of gold early fall in the planned 60,000 to 70,000-oz- per-year mine.

As for Nickel Rim, it is trading on the Toronto Stock Exchange at about the 27 cents level, with a 52-week high and low of 70 cents and 17 cents , respectively. Last summer when the proposal was in the works the shares were trading at 55 cents .

Secretary of Nickel Rim John Craig tells us that though the company has been inactive lately, the two Australian principals, Grants Patch and Regent, still maintain their 11% interest in Nickel Rim. Hopefully, more news will be coming from this company in the future.