Phoenix picks up Borealis

Golden Phoenix Minerals (GPXM-O) has acquired the Borealis mine project in eastern Nevada.

The company paid 225,000 shares to the owner, J.D. Welsh & Associates, in lieu of the previously agreed upon figure of US$1.25 million over three years. The move makes Golden Phoenix the sole owner of the property.

Cambior (cbj-t) is earning a 70% interest in the project by spending US$7 million over seven years.

During the 1980s, under then-owner Echo Bay Mines, Borealis produced more than 600,000 oz. gold from oxide material.

Cambior is exploring the property for additional oxide and sulphide reserves.

The Montreal-based company expects to begin drilling early in 1998. The first phase will focus on upgrading the Graben-Freedom Flats resource, whereas the second will attempt to outline new areas of mineralization.

The Graben-Freedom Flats resource contains 960,000 tons of sulphide material grading 0.24 oz. gold per ton, equivalent to 230,000 oz. gold.

Cambior has expanded the size of the land position at Borealis to 500 unpatented claims.

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