MSV Resources completes financing

MSV Resources and MSV Partnership 1986 and Co., have completed the 1986 financing for two of their three properties.

The $2.2 million obtained to date will permit MSV to earn interests of 10% in Placer Development’s Eastmain property and Westmin Resources’ Westmain property. The remaining funds of the total $2.9- million financing will earn the company a 10% interest in Westmin’s Clearwater property.

All three projects are gold plays in the James Bay area of northwestern Quebec.

All exploration carried out by MSV in 1986 will be surface drilling and geophysics. Drilling on the Eastmain project is aimed at better defining and extending the existing reserves of 1,172,000 tonnes grading 0.32 oz gold.

Work on the other properties will test existing targets and attempt to locate new targets. Results of the 1986 programs are expected to come towards the end of February, 1987.