News in Brief (March 23, 1987)

Penway Explorers reports it has an agreement to acquire 20 additional mining claims in the Red Lake area of Ontario. The company says to date no work has been done on these claims, but that it intends to complete preliminary work on the property. Penway adds it also has agreement with La Fosse Platinum to acquire more than 400 mining claims in the Labrador trough, Quebec.

Blue River Mines says it has signed a letter of intent with McSev Exploration of Calgary, whereby McSev will acquire a 49% working interest in Blue River’s calcite deposit at Blue River, B.C. Blue River says it will use the funds to erect a small-scale production facility. A millsite has been chosen.

Sprint Resources says the name of the company has been changed to Meacon Bay Resources, on a share-for-share basis. Letters of transmittal will be sent to Sprint Resources shareholders enabling them to exchange their shares for shares of Meacon Bay.

Dejour Mines reports it has an agreement with NIM & Co. Ltd. Partnership — 1987 under which NIM will subscribe for up to $290,000 of the common shares of Dejour, on a flow-through basis. Dejour says the funds will be used to explore certain of the company’s Canadian mineral properties.

Pacific Energy Corp. has changed its name to North Pacific Industries Corp. on a basis of 1 new for 6 old shares.

Golden Briar Mines is exploring 75 claims in the Casa Berardi area of Quebec held by J.Q. Resources, Pennant Resources, and Gold-Medal Resources, and can earn a 60% interest in the claims. Golden Briar is also acquiring at its own expense an additional 92 claims to the south.

Golden Briar says these latter claims are subject to litigation but that the company’s agreements are with all parties to the litigation.

The company has agreed to spend $1.5 million on the 92 claims before J.Q., Pennant and Gold- Medal are required to provide exploration funds to maintain their collective 40% working interest.