Queries From Norsemines to the Etruscans

Query: What is the latest information on Bathurst Norsemines? P. S., Toronto, Ont.

Bathurst Norsemines changed its name to Etruscan Enterprises on Aug. 22, 1986. The company’s new name, explains President R. John MacNeill, harks back to the Etruscans, a powerful people who enjoyed a brilliant civilization around 700 B.C. The Etruscans derived a great deal from Greek and Oriental cultures and were a maritime power in alliance with Carthage, explains Mr MacNeill. They were accomplished in organization, metal working, sculpture and art, but alas, their cities and civilization were destroyed by Roman legions.

Nonetheless, says Mr MacNeill, the Etruscans’ accomplishments seem a fitting background for the company.

The company has also changed its authorized share capital by consolidating and redesignating all of the 12 million shares, of which 4,446,000 shares are issued and fully paid, into 4 million common shares of which 1,488,666 are issued, every three shares before consolidation being consolidated into one share.

The company notes that its authorized share capital was subsequently increased from 4 million to 12 million.

The shares currently trade on the Vancouver Stock Exchange at about the $1 level with a 52-week high and low of $2.04 and 35 cents respectively.

Etruscan’s main interest is the exploration for precious metals. Since the company’s name change, it has been intensively pursuing negotiations with financial groups and property owners with a view to activating the company, says Mr MacNeill. The company is holding its annual meeting on Jan 30 at which time the president hopes to be in a position to report details.

For instance the company has been negotiating the acquisition of an option on a resource property in the Greenwood area of B.C. However, the terms of the option, which would give the company a 50% interest have not yet been finalized, says Mr MacNeill.

In the meantime, the company holds a 47.2% interest in a group of mineral properties in the Hackett River area of the Northwest Territories. The property is held in trust by Cominco Ltd.

Cominco can earn a 60% interest in this silver-zinc-lead-copper-gold prospect by spending about $2.8 million before Dec 31, 1999.

Etruscan’s option agreement regarding the Gold Links gold prospect in Gunnison Cty., Col. lapsed as the company failed to make a payment to t he optionor, Ivory Oils and Minerals.