Queries 20th Century trades again in Vancouver

Could you please provide me with some information on a company called 20th Century Energy Corp.? I read The Northern Miner regularly but have seen nothing on this company recently. A.K., Lachine, Que.

With something of a chequered history behind it, 20th Century Energy Corp. (TSE) of Toronto appears to have sprung back to life.

Until February, when the issue started trading again on the Vancouver Stock Exchange, 20th Century had been inactive since 1984.

In August, 1986, about a year after a stop trading order was placed on the stock, all the directors, with the exception of Chairman Kurt Swinton tendered their resignations at a board meeting. Swinton died shortly afterwards.

However, on Feb 4, after Shibumi Holdings Ltd. agreed to repay 20th Century’s $651,380 debt load in exchange for one million shares, the cease trading order was partially revoked.

A recent offering, promoted by Shibumi and comprised of 2.2 million shares at 18 cents per share, raised $366,300 for settling various debts and financing exploration on some Nevada gold claims.

They include 32 unpatented claims north of Ely, Nev., where 20th Century has acquired a 7-year lease for $33,750. Called the Kelly Ann and Stensen claims, the property contains several viable exploration targets which the company plans to explore in a 3-phase work program. The cost of a phase-1 mapping and sampling program is expected to be $58,000.

Some two million oz gold is said to have been mined at the Star Pointer area, 20 miles south of the Kelly Ann project where Silver King Mines has been in production for about 12 months. Veta Grande

The other property in 20th Century’s portfolio is a former silver producer called the Veta Grande mine. Located about 18 km south- east of Minden, Nev., it is owned by the company’s wholly-owned subsidiary, 1984 VG-1. Prospected and operated for about 70 years by a number of outfits, it includes a 270-ton-per-day mill which has processed about 50,000 tons since 1980.

While 673,000 tons grading 1.8 oz silver per ton in proven ore reserves is waiting to be mined, the operation is considered economically marginal at current silver prices.

Toronto financial consultant David John Fry is 20th Century’s president and chief executive officer. He can be reached, in the company’s head office at 106A Pembroke St., Toronto, Ont., M5A 2N8 by calling (416) 927-8526.

The 20th Century issue was trading recently on the Vancouver Stock Exchange at 15 cents in a 52-week range of 11 cents and 23 cents .