Freewest options Kinbauri gold play

Montreal-based junior Freewest Resources (TSE) has agreed to earn a 60% interest in Kinbauri Gold’s Morrisette Creek gold property.

The property, consisting of 30 claims northeast of Kirkland Lake, Ont., covers ground along strike from Sudbury Contact Mines’ (TSE) Victoria Creek gold project. Sudbury Contact has outlined a mineralized zone with a strike length of 4,600 ft. containing values of up to 0.35 oz. gold per ton over 19.5 ft.

In other news, Kinbauri’s court case with International African Mining Gold (IAMGOLD) is nearing the end of the discovery process. Kinbauri is seeking $10 million in damages after IAMGOLD terminated a planned amalgamation with it in 1991.

Privately owned IAMGOLD has a 40% interest in a mining concession in Mali, which Wood Gundy says contains “West Africa’s third-largest in-the-ground gold reserve.” The securities dealer goes on to report that Anglo American, the project operator, is arranging financing for development. Currently delisted from the Alberta Stock Exchange, Kinbauri is holding discussions with several brokerage firms to have its shares listed on the Canadian Dealing Network (CDN).