Australian junior files base metals prospectus

An Australian junior appears to be leading a swing by junior companies back into developing base metals properties.

East West Minerals, of New South Wales, trading in Sydney at about $1.60(A), this week filed a prospectus in all provinces of Canada. The intention is to become listed in Canada.

Proceeds of the offering will be used to acquire, explore and develop mineral properties and to develop existing properties, according to the preliminary prospectus. Wood Gundy is acting as the lead underwriter.

The company’s major asset is the Caribou lead/zinc mine in the Bathurst area of northern New Brunswick, which has already been funded. The mine is expected to begin shipping concentrates to European smelters before the end of 1988. About $60 million was spent on the property by Anaconda Minerals before East West acquired it in 1986 for $1 million.

The company will be making presentations this month to investors in five Canadian cities: Halifax, Nov 16; Saint John, Nov 18; Vancouver, Nov 22; Toronto, Nov 23 and Montreal, Nov 24.