Management of Tundra Gold Mines (VSE) is considering a share capital restructuring designed to attract new investors. Still active in Quebec and Ontario, the Vancouver company is also planning to change its name. Under a proposal that shareholders will be asked to approve at the company’s April 12 annual meeting, holders of Tundra’s 28.7 million issued shares can exchange one new share for five old shares.
If the plan is approved by regulatory authorities, the number of Tundra shares outstanding will drop to 5.7 million and the company’s name will be Consolidated Tundra Resources Ltd.
He also expects to see more drilling on the McKenzie Break project near Val d’Or, Que., where the MP gold zone has been traced for 2,200 ft. Placer Dome (TSE) can earn a 60% stake in the project by paying out $610,000 in cash and spending $2.7 million on exploration.
Drill rigs are also scheduled to be active on the Winnie Lake copper zinc joint venture with Pamorex Minerals (TSE) near Kirkland Lake, Ont. Previous results from Winnie Lake include 29.7 ft. of grade 2.91% copper and 2.06% zinc per ton.
Preliminary reserves on the Lamaque mine property in Bourlamaque Twp., east of Val d’Or, stand at 1.74 million tons of grade 0.2 oz. gold. The Lamaque property is held 50% by Teck (TSE) while Tundra Gold and Golden Pond Resources (ME) each has 25%.
Tundra Gold shares traded recently at 10 cents in a 52-week range of 3-36 cents.
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