Long-quiet Massval Resources is being revived by Somicom Management, t the Montreal-based mining team that put together Cogesco Resources and First Canacord Mineral Exploration Partnership.
Somicom has assumed management of the Montreal-listed company. Somicom has an agreement to acquire an interest in several gold prospects in the New Quebec area near James Bay from Westmin Resources and Placer Development. Somicom will eventually place those properties in Massval in return for 300,000 Massval shares.
Massval will also consolidate its 5 million outstanding shares on a 3-for-1 basis and do a financing to raise about $2.6 million. The company’s name will also be changed to MSV Resources.
Currently Massval’s major asset is a 15% participation in the Cochrane Hill gold prospect in Nova Scotia on which Inco is the operator.
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