EXPLORATION ROUNDUP — Redbird Gold sets its sights on Albanian mineral prospects

Junior explorer Redbird Gold (RBD.A-A) has set a date for its shareholders to consider the takeover of two Albanian mining companies. In the meantime, the trading of Redbird’s shares has been halted by the Alberta Stock Exchange until the company files information pertaining to the shareholders of the foreign firms.

At a special meeting in Toronto in early December, Redbird President John Wahl will seek approval to acquire all the shares of Karma Albanian Mining and Skenderbeg Mining. Between them, the two companies hold concessions covering 1,600 sq. km in central and northern Albania.

Redbird had been considering the purchase of a minority interest in each of the two companies but decided, in mid-September, to pursue a full takeover.

“It became clear to all that we should be looking at the bigger picture,” Wahl said.

Karma Albanian Mining holds the Karme-Rubik and Helshan-Gegay concessions in northern Albania, both of which cover volcanic sequences with copper showings.

Karme-Rubik surrounds several copper-zinc deposits which are covered by separate mining concessions. Massive sulphide mineralization occurs at the contact between basalts and overlying argillite and chert.

Skenderbeg Mining holds the Gjegan-Lure and Rehove-Kamenice concessions in northeastern Albania.

On Gjegan-Lure, the company hopes to find the faulted extension of the Gjegjani prospect, a 6-million-tonne massive sulphide deposit with grades of 3.1% copper and 0.66% zinc, plus 0.2 gram gold per tonne.

Rehove-Kamenice features both ophiolitic and volcanic-belt geology, with massive sulphide showings in both terranes.

Redbird recently signed an agreement with Brenark Securities whereby Brenark will act as agent in an attempt to raise $7.5 million for Redbird’s Canadian and Albanian exploration efforts.

During the past few years, Albania has begun to weave itself into the community of nations following decades of isolation under communist dictatorship. It is now a multi-party democracy with an evolving market economy. Inflation, which reached 240% in 1992, has levelled off at 8%.