Queries Boston Bay platinum stake is big

I am now receiving my Northern Miner regularly and was sure glad to see that story on platinum. It will be helpful with my research as to investing in that metal.

I hold some shares in Boston Bay Mines, but I don’t see it listed anywhere. I would like to see you carry a larger over-the-counter section to include Boston Bay. It’s not a cheap stock.

I like your paper and am glad I subscribed. J.A., Reno, Nev.

We carried a detailed story pertaining to the rather complex ownership picture pertaining to the Lac des Iles platinum-paladium project in northwestern Ontario in our July 14/86 issue. But that was before your subscription was received.

Boston Bay Mines does hold a big stake in this. Briefly, this is the situation. That property is held by a private company known as The Platinum Group Mines in which Boston Bay holds a 90% interest and which is under option to Madeleine Mines. Madeleine will likely merge with the Platinum Group company if a satisfactory share exchange basis can be arrived at. Otherwise, it can earn a direct 50% interest in the property by putting it into production at a minimum mill rate of 3,000 tons per day.

Madeleine is quite active on this project at the present time. In addition to an ongoing diamond drill program, it is carrying out a $1.5- million road construction job to the mine site and will shortly be taking out a sizeable bulk sample for metallurgical work. Too, it is arranging for power to the property via the extension of a natural gas pipeline and installation of a large gas powered electric generator.

Boston Bay’s shares are not listed on any exchange, but are traded on the new over-the-counter COATS system. It’s a closely held stock that seldom trades. And being what is classified as a non reporting issue, it is not carried in the regular bid and asked column. But any actual trades will appear in the trading sector. At the time of writing the stock was quoted $2.50 bid-$3 asked. We note those comments re your new subscription and hope you will continue to enjoy and profit by it.