Drilling at Timbuktu Gold’s (TBT-A) Sitakili gold concession in Mali is set to begin, while a meeting to change the company’s name has been postponed.
The Calgary-based junior has contracted Boart Longyear of North Bay, Ont., to conduct 3,000 metres of diamond drilling to a maximum depth of 300 metres.
Meanwhile, a shareholders’ meeting to authorize a name change has been postponed to February or March.
Timbuktu resumed trading in early December 1996, seven months after being halted following allegations that drill results from the Sitakili property had been tampered with. Independent analysis of spectacular first drill results from Sitakili showed the drill core had been “salted” with gold.
Trading was suspended when reports of past activities of company president Oliver Reese began to circulate. Reese, who has a record of securities infractions dating to 1965, later resigned and surrendered for cancellation 9.8 million shares.
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