News in Brief (October 06, 1986)

McGarry Minerals, which reports completion of an exploration/evaluation program on its Cairo Twp., Ont., gold prospect, says no further work or expenditure on the property is warranted.

The program consisted of linecutting, prospecting, EM-VLF magnetometer surveying, humus sampling, and geological mapping.

Assayed samples provided low gold and silver values, and geophysical surveying failed to disclose any significant conductors, the company says.

Navarro Capital Corp., based in Houston, Tex., has entered discussions with the intent to acquire control of Millers Cove Resources, the latter company says. A preliminary letter of intent has been signed between both companies. Millers Cove notes that the company cannot predict whether Navarro will in fact make any sort of offer to acquire control of the company.

McAdam Resources has optioned the 15-claim Sears property in Finan Twp., about 50 miles northeast of Wawa, Ont. the gold prospect lies about 2,500 ft northeast of and on strike with the Kremzar property being developed by a joint venture of Canamax Resources and Kremzar Gold Mines. Winter drilling is planned.

Duration Mines says it has negotiated flow-through share private placements totalling $113,875, which will be used in further exploration and development of the company’s mineral property interests in Quebec and elsewhere in Canada.

An agreement has been reached between Consolidated Cinola Mines and a Hong-Kong based company, which will provide Cinola with $7.5 million. The deal calls for Cinola to issue 2.5 million shares at a price of $3.02 per share with a warrant to purchase an additional 2.5 million shares during a 2-year period.

Lac Minerals will continue to operate the Page-Williams gold mine at Hemlo, Ont., on the same basis as it has for the past six months under an extension of the March 20, 1986, ruling dealing with the management and control of the mine pending the outcome of an appeal of a court decision concerning the property. The extension is good for six months.

Eastmont Larder Lake Gold Mines has amalgamated with a private company to form Eastmont Gold Mines. The company trades on the over-the-counter COATS system.

Eastmont has a 72% interest in 12 patented claims in Skinner Twp., near Red Lake, Ont. The company also has 12 adjoining claims. A ground geophysical survey of the property is expected to start this fall, the company says.