Glenn Laing and Julian Kemp, president and chief financial officer, respectively, of St Andrew, now hold the same titles at UTX, replacing Ed Ludwig and Randy Roussain, who resigned.
St Andrew, which is moving its head office to Oakville, Ont., acquired its interest in UTX in exchange for more than 4.4 million of its own shares at a deemed price of 30.5 apiece. It was attracted to UTX because of its 12.5-sq.-km Clavos gold property, near Timmins, Ont. The project is just 9.6 km north of St Andrew’s 1,300-ton-per-day Stock mill.
Previous drilling by Kinross Gold confirmed the presence of high-grade gold mineralization in shears and quartz veins along the Pipestone fault. Kinross’s option to acquire the property expired late last year.
Indicated resources are pegged at 331,000 tonnes grading 10.4 grams gold per tonne. An additional 205,000 tonnes running 13.4 grams gold are classified as inferred resources. The estimate employs a cutoff grade of 6.5 grams gold and a cutting grade of 60 grams gold for high assay values.
The company plans to investigate the future development and exploitation of the Clavos deposit.
Be the first to comment on "St Andrew execs take the reigns at UTX (July 01, 2002)"