News in Brief (February 09, 1987)

Malartic Hygrade Gold Mines has arranged financing for $3.1 million via an issue of flow-through shares to two funds in Quebec. The funds will finance exploration in the company’s Orion property in Quebec.

Gowest Amalgamated Resources has started drilling on its Denton Twp. property west of Timmin, Ont., in order to test geophysical and geochemical anomalies on strike with the Mahoney Creek gold showing. About 3,000 ft of drilling is planned to a depth of about 400 ft.

Palliser International Energy has changed its name to Elan Industries on a 1-new-for-5-old-share basis.

A joint venture exploration program on Vancouver Island between Reward Resources and Angle Resources has encountered encouraging gold values in a deep drill hole. The hole returned 0.76 oz over 8.25 ft beginning at the 502-ft interval, the companies say. They also point out that the best mineralization was encountered from 700 ft-900 ft, results from which are still pending.

The shares of Giant Bay Resources, besides trading on the TSE and VSE, now trade in the U.S. on NASDAQ. The company is developing its Gordon Lake gold prospect in the Northwest Territories and is also involved in the development and commercialization of proprietary low-cost biological processes for the treatment of precious metal concentrates and ores.

The shares of Levon Resources were posted for trading on the Toronto Stock Exchange on Jan 20 under the stock symbold LVN. The company is engaged in the acquisition, exploration and development of mineral properties, the principal of which are the Congress property in southwestern B.C. and the Carbonate Hill property in Cripple Creek, Colo.

The common shares of Pioneer Metals Corp. were posted for trading on the Toronto Stock Exchange at the opening on Jan 22 under the stock symbol PSM. The company has a 100% interest in the Puffy Lake property in Manitoba and a 75% interest in the Stibnite heap leach gold property.

Subject to the company’s right of appeal, which must be exercised before Feb 10, the common shares of Wasabi Resources will be suspended from trading on the TSE at the close of business on Feb 11 for failure to hold an annual meeting and to make required filings with the exchange on a timely basis.

Subject to the company’s right of appeal, which must be exercised before Feb 10, the class A shares and series A share purchase warrants of Reigate Resources (Canada) will be suspended from trading on the TSE at the close of business on Feb 11 on the basis of the company’s financial position and failure to comply with exchange requirements.

Crimson Tide Resources has changed its transfer agent to Canada Trust Co.

United Keno Hill Mines realized a loss of $1.9 million or 62 cents per share in 1986 compared with a loss of $5.7 million or $2.07 per share in the previous year.

Perrex Resources plans to acquire one million common shares of Morgain Minerals in exchange for one million shares of Perrex. The deal is subject to regulatory approval. Morgain holds several exploration properties in Ontario and Quebec. Perrex is active in the Harker-Holloway area, north of Kirkland Lake, Ont.

Texpez Oil & Gas has changed its name to CCW Systems Ltd. on a share-for-share basis.

Torex Minerals has changed its name to Corniche Resources on a 1-new-for-4-old-share basis.

Crimson Tide Resources has changed its name to H.E.R.O. Industries on a share-for-share basis.

Alclare Resources has changed its name to Chesapeake Computer Systems Inc. on a share-for-share basis.

Subject to the company’s right of appeal, which must be exercised before Feb 10, the common shares of O’Brien Energy & Resources will be suspended from trading on the TSE at the close of business on Feb 11 for failure to hold an annual meeting and to make required filings with the exchange on a timely basis. .N12

** News in Brief **

The TSE understands that the common shares of New Goliath Minerals and New Golden Sceptre Minerals will be distributed by Hemlo Gold Mines on Feb 11. It is anticipated that Golden Sceptre Resources and Goliath Gold Mines will be delisted from the TSE at the close of business on Feb 11. It is also anticipated that Hemlo Gold, New Goliath and New Golden Sceptre will be listed on the TSE at the opening on Feb 12.

An additional 554,546 common shares of Gibraltar Mines were listed on the TSE on Feb 2. This additional listing covers treasury shares issued by the company at $8.25 per share pursuant to the terms of a prospectus dated Jan 28.

Toronto-listed Viceroy Resource Corp. intends to proceed with a private placement of up to 500,000 shares at $8 per share, subject to all regulatory approvals. The funds will be used for further development of the Castle Mountain property in California. The company has increased its holdings in that area by staking approximately 1,000 additional claims.

Radisson Mining Resources says it has discovered a gold-bearing zone on its Douay Twp. property in northwestern Quebec’s Casa Berardi area. A diamond drill hole near the centre of the property cut the mineralized zone over a width of about 200 ft with visible gold evident. Preliminary assays have re- turned one intersection grading 0.17 oz gold per ton over 7.7 ft.

For the year ended Feb 28, 1986 Claremont Mines had a cash position of $6,875 compared to $259 at the end of the same period last year. At the company’s annual meeting scheduled for Feb 18, shareholders will be asked to approve a name change to Claremont Industries, or such other name as may be satisfactory.

While severe storms and unusually cold weather have caused some delays for AMCA Resources at its Silver Cross mine near Phoenix, Ariz., the finishing touches are now being put on the enlarged pads and new pond, the company reports. As well, the first 24 ft of the pit has been drilled and shot. This material will be put on the pad and then the next section of the pit will be drilled and blasted.