With more than $5 million in working capital, Altai Resources (TSE) is looking to expand its gold property holdings in South America, shareholders learned at the annual meeting.
The Toronto-based junior, known formerly as Black Cliff Mines, recently optioned a pair of gold concessions in Peru with large-tonnage, low-grade potential. An open-pit operation is envisaged for the project; Altai has the option of earning a 60% interest and acting as operator.
In Guyana, Altai is part of a joint venture with Noranda Exploration and Menora Resources (ME) exploring the Tassawini gold deposit. Altai also plans to explore the Wenamu base metal property in the same country. In Canada, Altai recently boosted to 18% its interest in a natural gas project in Quebec. In addition to selling the gas from the Lac St. Pierre project 100 km east of Montreal, Altai and its project partners plan to lease the emptied underground reservoirs for reserve storage. President Niyazi Kacira said he expects Altai to realize cash flow from the project in early 1994.
Among Altai’s other assets is a 27% interest in Menora Resources (ME), which has a stake in a company which dredges for diamonds off
the shore of southwestern Africa.
Altai has about $2.8 million in cash and $2.3 million in marketable securities in its treasury. The company has about 10.8 million shares outstanding.
Be the first to comment on "Altai seeking new prospects"