News in Brief (July 25, 1988)

Vancouver-based Fleck Resources (VSE) says it has arranged with NIM Resource — 1988 and Co. Ltd. Partnership for a flow-through share issue to raise $500,000 for qualified expenditures on Fleck’s Smith- Nash project.

Fleck says the shares are priced at $2.26, the price at which they closed on July 7.

Express Resources has changed its name to First Star Energy Ltd. (fse:vse) on a 1-new-for-2-old share basis. The company will remain under a cease trade order originally issued Feb 11, 1985, until all listing requirements of the VSE are met.

Argentex Resource Exploration Corp. and Sholia Resources, have amalgamated to form AXR Resources Ltd. (axs:vse). Shareholders of Argentex receive one-new- share-for-each-4-old; shareholders of Sholia receive one-new-share- for-each-5-old shares.

Shareholders of Osisko Lake Mines (TSE) have approved a private placement involving 4.15 million units at 21 cents per unit and worth about $870,000, the company reports. Each unit consists of one share and one warrant, the latter entitling the holder to acquire an additional share at 28 cents per share for up to five years.

Gold Vessel Resources (ASE) and Newfields Minerals (VSE) have reached an agreement whereby the latter may earn up to a 50% interest in the Cresus property located near Amos, Que., by spending $2,175,000 on exploration work and property payments during a 3-year period. Preliminary drilling on the property intersected 10 ft of 0.53 oz gold per ton. A program involving trenching, bulk sampling and 30,000 ft of drilling is planned.

Hemlo Gold Mines (TSE) has acquired 13,300 shares of Central Crude (VSE) by way of purchases on the Vancouver Stock Exchange, and entered into private agreements to acquire an additional 200,000 shares. These, together with 644,400 shares previously held, bring Hemlo Gold’s holdings up to 857,700, which represents 18% of Central Crude’s 4,761,702 issued and outstanding shares.

Consolidated Paymaster Resources has changed its name to Albany Resources Ltd. (alx:vse) on a 1-new-for-4.5-old share basis.

Magna Ventures (VSE) has won by arbitration its ownership dispute over the DOC property near Stewart, B.C. The arbitration board ruled unanimously that Magma had rightfully earned a 50% interest in the project. The company will now propose a 1988 work program for the property to Silver Princess Resources (VSE).

Ontex Resources (ASE) has completed a $115,000 private placement flow-through unit financing, representing the issuance of 82,133 common shares at $1.40 per share, and 161,000 warrants. The warrant subscribes to an additional common share, at $1.65 per share, on or before Dec 31, 1989. The funds will be used for exploration work on the company’s Pangis gold prospect in the Sault Ste. Marie mining region of Ontario.