Indications that a truce has been reached were confirmed when Elders and Trader management asked the Supreme Court of Ontario not to continue wi th lawsuits br ought by both sides.
Trader President James Stephenson and consulting geologist David Bell were re-installed about a week after they were voted off the Trader board of directors.
They have been joined on the board by John Larche, and ex- Trader directors Randolph Gray and John Robertson. Larche is credited for his role in th e discovery of the Hemlo gold camp in northern Ontario and is a former president of the Prospectors and Developers Association of Canada.
The 3.4 million Trader shares, held by Elders through subsidiary ERNA Minerals , were sold recently for 29 cents each to a syndicate of Switzerland and Vancouve r-based investors.
Because none of those investors acquired 10% of Traders’ 10.1 million outstanding shares, Ontario securities regulations do not require discl osure of holdings.
According to Stephenson, the investors were attracted by drilling results at a Timmins, Ont. gold property optioned recently by Trader from Broulan Resources and Ronnoco Gold Mines. About 4.1 million tons of grade 0.103 oz gold per ton have been outlined so far.
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