McNellen seeks stock split okay

McNellen Resources, which has underground and surface work well unde r way at its jointly-owned Magino gold project near Hemlo, Ont., says shareholders will be asked to approve a 2-for-1 stock split at the annual meeting Dec 18, in Vancouver.

A. R. Patte, president, says the proposed stock split is designed to broaden market liquidity in the company’s shares.

McNellen’s 50/50 partner in the Magino project is Muscocho Explorations, which is operator.

Mr Patte says a 1,600-ft decline production-sized ramp has been completed, at a cost of $1 million, with lateral work now in progress at the 200-ft level.

Drill-indicated reserves for the project are estimated at 1,066,836 tons, averaging 0.25 oz gold per ton. The current program will also involve 25,000 ft of additional surface drilling and 10,000 ft. of underground drilling, Mr Patte said.