LETTERS TO THE EDITOR — Central Crude seeks Moss Lake

The headline of your article “Hemlo will fund Moss Lake work” (T.N.M., Aug. 24/92) leaves the reader with the understanding that Hemlo Gold Mines will provide Central Crude with the monies needed. This is not the case.

Central Crude is currently seeking financing to enable it to conduct further exploration work at Moss Lake and to this end has had discussions with several groups regarding the possibility of a private placement. If these discussions are unsuccessful, Central Crude will have to seek other sources of funding, including possibly approaching Hemlo Gold, but this is not our preferred route.

Finally, I should note that Central Crude has obtained a short-term credit facility from Hemlo Gold, its major shareholder. The funds that have been advanced to date have been used by Central Crude to fund its ongoing obligations.

Joseph Baylis, President

Central Crude

Toronto