Breakwater to sell 1.2 milion shares
Breakwater Resources has agreed to sell 1.2 million of its shares to Loewen Ondaatje McCutcheon and Company of Vancouver to raise $7.92 million. These funds will be used to pay Cannon mine capital cos…
News
Tonnage figures expected on Gordex heap leach mine
With assay results in for 35 holes and an additional 45 holes still to be drilled and/or assayed on its Cape Spencer gold mine northeast of Saint John, N.B., Gordex Minerals, Canada’s first heap leach…
$2.5m. in flow-through for Houston Metals bet
A $1-million exploration program is under way at the old Silver Queen Mine near Houston, B.C. The property falls under a joint venture agreement between Houston Metals and New Nadina Explorations. Reh…
Exploration progresses on Terramar’s Reid mine
The first phase of exploration at the Reid Mine project near Redding, Calif., has been completed by Terramar Resource Corp. The underground workings at this former producing gold mine have been dewate…
Proteus acquires interest from Kerr
Vancouver-listed Proteus Resources has concluded an option agreement with Kerr Addison Gold Mines to purchase Kerr’s 50% interest in an 88-claim gold property in Garrison and Thackeray twps., Ont. for…
Muscocho encouraged at Magnacon project
Exploration drifting underground at the Magnacon joint venture in the Mishibishu Lake area of northern Ontario is continuing to turn up gold values on the 300-ft level. In the joint venture, Muscocho …
Pathfinder withdraws from Pine Tree bet
Goldenbell Resources says that Pathfinder Gold of San Francisco has elected not to participate in further development of the Pine Tree gold project. The option agreement expired on Jan 30 and both com…
Beaver Dam mine will be very profitable, study says
If knowing exactly what the challenges will be to make a mining venture a profitable one is half the battle, then managers and shareholders of Seabright Resources Inc. are half way to bringing Nova Sc…
Reserves calculated at Augmitto play
A preliminary reserve calculation for the Parbec property concludes that the ground has possible drill- indicated reserves of 600,000 tons grading 0.19 oz gold per ton. The zone’s average width is 6.2…
Treminco finds visible gold at N.W.T. bet
Visible gold has been noted in drill core from Treminco Resources’ Gab property in the Northwest Territories. The company recently completed a 2,500-ft drill program in the A zone which followed a gen…
Zahavy, Getty start $7.8 million program
A $7.8 million 2-phase exploration program has started on Zahavy Mines’ and Getty Resources’ Favourable Lake gold property north of Red Lake, Ont. The work will include surface exploration of nine vei…
Dome completes Melrose drilling
Dome Mines has completed a 21,444-ft diamond drilling program on a claim group held by Melrose Resources in Blackstock Twp., Ont. Located 30 miles southeast of Timmins, the claims cover ground on whic…