NEWS ROUNDUP — Ecudor revises Dona Lake agreement

A revision has been made to an agreement allowing Societe Miniere Ecudor (ME) to earn a 49% interest in the Dona Lake mine, near Pickle Lake, Ont.

The Rouyn-Noranda, Que.-based company acquired a 9% interest for a cash payment of $400,000 and the issuance of 150,000 shares at $2 each, as well as 150,000 warrants for the acquisition of 150,000 shares at $2.60 each, over 18 months.

The company can acquire an additional 16% by paying $1.3 million by the end of September. The remaining 24% can be earned by spending $2 million on exploration by Feb. 28, 1994.

The agreement was reached with mining contractor Ross Findlay. Dona Lake resumed production in early August and has since produced more than 2,000 oz. gold. Proven reserves are 173,600 tonnes grading 7.5 grams gold per tonne (0.22 oz. gold per ton).

Drilling and development are under way to prove up more reserves.