United Reef/Canhorn in joint venture

A joint venture has been formed between United Reef Petroleums and Canhorn Corp. to further explore the former’s Nickel Offsets mine acquired by Canhorn through its recent amalgamation.

Under the terms of the agreement, United Reef can earn a 50% interest by spending $1.25 million over a 2-year period and making yearly cash payments of $200,000, the first due on March 1, 1988.

The property is located in the Sudbury area and covers four miles of strike length along the Foy offset. The property is a former producer, producing 208,000 tons of nickel-copper concentrate between 1943-1957.