Goldteck offering raises $6,105,000

Gross proceeds from a recently completed public offering of 1.35 million class A units and 2 million class B units were $6,105,000, Goldteck Mines reports.

Each class A unit consists of one 1987 deposit receipt and one series A share purchase warrant; each class B unit consists of one common share and one series B share purchase warrant. Goldteck’s common shares and class B units are now trading on the Toronto Stock Exchange.

In other news, Goldteck reports it has been carrying out surface exploration since June at the old Stairs mine property near Matachewan, Ont., to develop targets for diamond drilling which will commence early in October. A minimum of four drills will be utilized for five months.

Initial drilling will be concentrated on the known veins and mineralized shears, including the high grade Pope vein, which the company says underwent a limited amount of production in the mid- 1960s. Several potential new gold zones on the property are indicated by geophysical and geochemical surveys, Goldtech says.

Dewatering and partial rehabilitation of the underground workings is to commence later this year. Over-all cost of the fall and winter program is estimated to be $2.91 million.

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