Juniors Manson Creek Resources (TSE), Athlone Resources (VSE) and Ballatar Explorations (VSE) have joined forces to buy a Venezuelan exploration company, Corporacion Venzolana de Guayana (CVG).
CVG owns the Perruco II and V concessions in the Chicanan and Kilometre 88 gold camps. These concessions total 8,106 hectares and CVG has contracts to explore for gold and diamonds in alluvial and vein deposits there. Athlone’s 40% and Ballatar’s 20% interests in CVG were purchased for $US180,000. Also, each company will issue 200,000 shares. Manson Creek will buy its 40% stake with proceeds from a private placement.
The placement of 1.25 million units at 60 cents each will be bought by Golden Rule Resources (TSE). A unit consists of one common share and one common share purchase warrant. Each warrant will entitle the holder to buy a common share for 60 cents for five years.
Manson Creek will spend $333,000 on mapping and sampling in 1994. In other news, Manson is acquiring other concessions in the Venezuelan gold camp known as El Dorado. The company hopes to have agreements for the first acquisition completed soon.
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