Nortek Minerals, a subsidiary of Nortek Energy, has acquired interests in several mineral projects. These include a property near Kirkland Lake, Ont., and a placer gold play in Ecuador, South America. Nortek is also consid ering a 20% interest in a producing chromite mine in the Phillipines. The Filipino mine is planning to increase production from 250 tonnes per month to 2,000 tons per month.
The company anticipates annual cash flow from operations at $360,000 beginning in late 1987. Listed on the Vancouver Stock Exchnage, Nortek will be seeking a listing on the Alberta Stock Exchange.
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