News in Brief (December 22, 1986)

A prefeasibility study is under way on the Golden Harker property held by Lenora Explorations. Located near Kirkland Lake, Ont., the property is being considered for underground exploration, Lenora says.

A 16-hole drill program has started on `Goldbrae Developments’ Quevillon Lake, Que., gold property. The drill program is testing a 100-ft wide-quartz carbonate zone striking for 2,000 ft. Anomalous gold values have been assayed on surface, the company says.

For the nine months ended Sept 30, Consolidated Professor Mines posted a net loss of $351,156 (4 cents per share) compared to a loss of $133,879 (2 cents per share) in the same period last year. Cash at the end of the period was $441,276 compared to $413,241 at Sept 30, 1985. The company reports that underground drilling starts early this month at its Duport property near Shoal Lake, Ont.

Lloyds Bank Canada has filed a notice of intent with the TSE to sell approximately 50,000 common shares of Tor-Cal Resources through the facilities of the exchange on or after Dec 3, 1986. Lloyds is selling these shares in order to satisfy the outstanding indebtedness of approximately $30,000.

The Golden Shamrock Resources plans a share consolidation on a 1-for-4 basis followed by a name change to The New Golden Shamrock Resources Corp.

Effective Dec 1, the common shares of TVX Mining Corp. have been consolidated on a one-for-three basis and the consolidated common shares were posted for trading under the new name of Consolidated TVX Mining Corp. The new shares will trade on the TSE under the trading symbol CVX.

Shareholders of Bondell Resources have approved a private placement of one million shares at 27 cents per share with warrants on an additional one million shares at 32 cents . Also approved was change of control and a changed of name to Bondell Industries Inc.

The board of directors of Sherritt Grodon Mines have decided to omit payment of a dividend for the year ending Dec. 31. The primary reason for the decision is to conserve cash in the face of deteriorating fertilizer markets and continuing low base metal prices.

Dore Explorations is acquiring 33 claims in Hoblitzell Twp. in northeastern Ontario near Quebec’s Casa Berardi area.

J-Q Resources, Pennant Resources and gold Medal Resources have optioned their jointly owned 75 mining claims in Estrees and Estades twps. in Quebec’s Casa Berardi area to an individual who will be able to earn a 60% interest by spending a total of $1.5 million on exploration over an unspecified period of time.

The new management and board of Field Petroleums includes N.M. Nash as president, D. Goodenough as vice-president of oil and gas acquisitions, and J. Labrecque.

Units of Cambior Inc. were delisted Nov. 13 on the TSE. At that time Cambior common shares and warrants were posted for trading.

Yukon Minerals has acquired a silver property in the Ketza River area of the Yukon Territory. One surface sample returned values of 219 oz silver per ton, 77.3% lead and 0.26% zinc. Four other samples gave similar values ranging from 39.9-181 oz silver, 29.1-75.5% lead and 0.36-8.76% zinc. Other grab samples returned assays as high as 290 oz silver.

Ranger Oil has changed its transfer agent to Royal Trust Co.

Northumberland Mines has negotiated three private placements which will net the company $450,000. The placements of common shares range in price from 78 cents -82 cents per share. An offering of flow-through shares is also being made to investors in the Maritimes.

Andaurex Resources says drilling results reported by Noranda on the LH property near Silverton, B.C., indicate ore grade intersections over widths ranging from one-half to 6.1 ft in three holes with anomalous values occurring throughout mineralized sections. Noranda may earn a 60% interest in the property by spending $1 million of which about $400,000 has now been spent.

The subdivided common shares of Glamis Gold were posted for trading on the TSE on Dec. 17. Shareholders at a general meeting on Dec 4 passed a resolution providing for the subdivision of each common share into 1 1/2 common shares. The subdivision will be effected by issuing on or about Jan 5, 1987, to holders of common shares of record as of the close of business Dec 23, an additional one-half common share for each common share held. Fractional shares will not be issued.

Aiguebelle Resources reports a net loss of $957,572 or 10 cents per share for the 6-month period ended Sept 30 compared to a net loss of $1,303,787 or 14 cents per share for the same period a year earlier.