Haddington exploring near Timmins

Vancouver-listed Haddington Resources (VSE) intends to carry out a private placement of 500,000 units with Prime Equities International (VSE).

Each unit, priced at 60 cents, will consist of one Haddington common share and one non-transferable 2-year purchase warrant to buy another share at 60 cents during the first year and 70 cents during the second. Proceeds will be used to fulfil option and exploration requirements on the Lalonde claims and the Montcalm Mineral Venture.

Haddington entered an option agreement to acquire 110 claims in Munro Twp. near Timmins, Ont. The property encompasses a zone that contains visible gold and arsenopyrite within a quartz vein stockwork system. Grab samples have run as high as 300 oz. gold per ton.

To earn the interest, Haddington must, over three years, pay $250,000 and issue 250,000 shares to the property vendors. As well, it must spend $100,000 on exploration during the first year.

The company has also entered a second agreement, in which it will earn a half interest in a 52-claim property that contains 14 untested electromagnetic anomalies in Montcalm Twp., northwest of Timmins.

To earn the interest, Haddington will issue 100,000 shares and pay the vendor $200,000. It will also carry out geophysical and geological surveys on both properties to define drill targets.