News in Brief (March 12, 1990)

Valentine Gold Corp. has changed its name to Point Resources Ltd. (PTZ:VSE) on a 1-new-for-10-old-share basis. Transfer agent is Central Guaranty Trust Co. NA6

Michele Gold Mines (VSE) reports the acquisition, subject to regulatory approval, of 239 claims in the Kenogami Lake-Chicoutimi area of Quebec. The property contains copper, nickel and platinum mineralization. The company, which is awaiting the final draft of an engineering report on the property, paid $25,000 in cash and issued 200,000 shares.

First General Mine Management & Gold Corp. has changed its name to Laser Magic International Inc. (LMC:VSE) on a share- for-share basis. Transfer agent is National Trust Co.

A new publication, Cominco Metals Bulletin, is available, without charge, to all those concerned with the use of metals and, in particular, those metals mined and processed by Cominco. If you wish to be added to the mailing list, please contact Karen Ingham, Cominco Metals, Market Development Department, 1500-120 Adelaide St. West, Toronto, Ont. M5H 1T1.

Cache d’Or Resources has changed its name to Consolidated Cache Resources Inc. (CCJ:VSE) on a 1-new-for-5-old-share basis. Transfer agent is Central Guaranty Trust Co.

Golden Exodus Ventures has changed its name to ILM Resources Ltd. (ILM:VSE) on a 1-new-for-4-old-share basis. Transfer agent is Central Guaranty Trust Co.

Although copper prices have retreated from highs of US$1.60 per lb in 1989 to less than $1, , several of the world’s largest copper mines controlled by RTZ have little to fear from further price weakness. According to the chart, RTZ mines such as Bingham Canyon, in Utah, are capable of producing a pound of copper at a cash cost of US30 cents. Escondida in Chile, which will soon be the world’s largest copper mine, will also be a low-cost operation, capable of producing the red metal for about 40 cents per lb. These breakeven costs are well below copper’s historic low prices of 55 cents in the early 1980s, thereby ensuring profitable operations for many years to come.