NEWS ROUNDUP — Cross Lake in option deals

An option to earn up to a 70% interest in 18 claims in Fox and Stimson twps. 45 miles northeast of the Kidd Creek operation near Timmins, Ont., has been negotiated by Noranda Exploration with Cross Lake Minerals (VSE).

Under the letter of intent entered into, Noranda may earn its interest by making a cash payment of $22,500 in three stages and spending $200,000 on exploration work.

Under a separate letter of intent, Noranda may earn up to a 70% interest in the 26-claim Wilkie property in the Timmins area from Cross Lake and Glen Auden Resources (TSE) by paying $25,000 in four stages and spending $200,000 on exploration work.

In northwestern Quebec, East West Resource (VSE) has negotiated an agreement, subject to regulatory approval, to earn a 50% interest in 95 claims in the Casa Berardi area from Cross Lake by paying $15,000 to cover a portion of the original acquisition costs and by spending $75,000 on exploration work.