Anglo options Timmins claims

The property, which comprises two patented claims adjacent to the Kidd Creek metallurgical plant, is surrounded by ground held by Falconbridge Gold (TSE).

The letter of intent calls for Anglo Canadian to acquire a 51% interest in the two claims, known as the MWF property, by spending $250,000 on exploration before June 30, 1990, and issuing six million Anglo shares to the vendor. The property is subject to a 3% net smelter royalty retained by Miller.

An extensive diamond drilling program was recommended on the property based on previous geophysical work completed in 1987. The property covers structural continuations to other known gold-bearing formations in the area.

Anglo Canadian plans to hold a general meeting of its shareholders as soon as possible to seek approval for the transaction. Both parties have com menced due diligence procedures.

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