Errington Industrial Enterprises says it has agreed to purchase the past-producing Stairs mine, in Midlothian Twp., Ont., from Regal Goldfields
The deal, which is subject to shareholder approval, will involve the transfer of 5 million common shares of Errington to Regal.
The Errington name will be changed to Goldteck Mines, says John F. McLennan, present president of Errington.
Mr McLennan says active management of Goldteck will be assumed by Teck Corp., Vancouver, in association with Greater Temagami Mines, Vancouver.
He said Teck Chairman Dr Norman B. Keevil, will become chairman and a director of Goldteck. W. R. Berry, consulting geologist to the Teck mining group, will become president and a director of Goldteck, and Terrence Patrick, consulting geologist, Greater Temagami, vice-president and director.
Early financing for Goldteck is anticipated, said Mr McLennan, who remains a director of the company.
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