It looks like Granduc Mines will be participating in at least the first stage of the 1987 work program on the Sulphurets property in northwestern B.C. Newhawk Gold Mines and Lacana Mining have already spent more than $2 million on the property for their 60% combined interest.
Under an option agreement between the companies, Granduc was required to fund its share of expenditures after the $2-million mark had been reached. Had it decided not to participate in the upcoming $1.44-million program, Granduc would have been reduced to a 20% carried interest from 40%.
Newhawk President Donald A. McLeod says work is under way to establish winter road access into the property. This will enable the joint venture to bring in supplies and establish the feasibility of permanent road access to the site. The road should be completed by mid- February and a new camp will be installed at the property.
More underground development and diamond drilling are planned in the first-phase program, he states, adding that Newhawk will be funding its share of expenses through the issue of flow-through shares. Continuation of the flow-through program will be critical to Newhawk’s participation in future development of the property, he confirms.
Edward G. Thompson has resigned as president of Granduc in order to accept a position with the Anglo-American/Inspiration Resources group.
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