News in Brief (May 11, 1987)

Northgate Exploration announced on May 4 that hourly-paid employees at the company’s two Chibougamau, Que. mines have rejected a revised contract offer by the company and that strike action has been initiated.

All of the issued and outstanding 6% cumulative redeemable first preference shares series A of Conwest Exploration which trade on the tse have been called for redemption on May 25, 1987 at $20.50 per share plus accrued dividends of 18 cents per share.

Chester F. Millar has filed a notice of intention to distribute 50,000 common shares of Glamis Gold through the facilities of the tse on or after May 4, 1987. Mr Millar holds directly or indirectly 1,698,079 common shares of Glamis Gold.

Stan West Mining of Scottsdale, Ariz., has announced the private placement of three million units consisting of three million common shares and warrants to purchase 1.5 common shares among institutional investors outisde the U.S. and Canada by Shearson Lehman Brothers International as lead agent. (McLeod Young Weir International acted as co-agent.) The transaction will raise more than $13 million(US) to be used in the development of the McCabe mine.

Interquest Resources Corp. has signed a letter of intent with Pencrude Resources whereby Pencrude will be able to acquire a 50% working interest in the 257 claim block held by Interquest in the Moss Twp. and Powell Lake area of northern Ontario. Pencrude must spend up to $300,000 over the next two years in order to earn a 50% working interest. It’s anticipated an exploration program on the property will start immediately.

United Leader Resources has changed its name to Vertica Systems Corp. on a share-for-share basis.

The series B share purchase warrants of Goldpost Resources posted for trading on the tse on August 1, 1986 will expire at 4:00 p.m. local time on May 15, 1987.