Platinum properties optioned by Edda and affiliate firm

An affiliate company of Edda Resources has acquired interests in more than 25,000 acres of ground in the Athapapuskow area of Manitoba. The focus of the exploration programs scheduled for the properties are platinum group metals associated with nickel-copper sulphides.

Arctic Gold & Platinum, a private company, acquired the ground and has concluded several option agreements. Arctic Gold is a 51%-controlled affiliate of Edda. More than 8,600 acres have been optioned by Arctic Gold to Platinum Resources of Canada which has the right to earn a 49% interest in the Goose Lake property by spending $165,000 on exploration by Jan. 31, 1988.

Platinum Resources, which raised $195,000, plans to perform geophysical surveys and 4,000 ft of diamond drilling. Another 7,400 acres of ground has been optioned to Manitoba Platinum Resources. The company has essentially the same kind of deal with Arctic Gold as does Platinum Resources.

Another company, Park Place Platinum, has optioned a property in the same area from Cominco Ltd. Park Place can earn a 100% interest in the Cominco claims by spending $750,000 on exploration. Cominco, the project operator, has the right to buy back a 60% interest.

The properties in the Athapapuskow area are located 20 miles northeast of the Namew Lake nickel deposit which is controlled by Hudson Bay Mining & Smelting. Park Place, Manitoba Platinum and Platinum Resources are public companies which are or will be shortly trading on the coats system.