ODDS’N’SODS — Tipped off
George “Gus” McManus was responsible for staking many of the gold deposits in the Red Lake area of Ontario during the early years of mining development in that district.McManus was prospecting for sil…
News
EDITORIAL PAGE — WMI: A progress report
“A perfect agreement meant for a perfect world” is how one Canadian mining executive described the Whitehorse Mining Initiative (WMI) after it was signed in 1994.The agreement defined a vision of a so…
Asarco sells its stake in MIM
In an attempt to reduce its debt, Asarco (NYSE) has sold its 15% stake in Australian-based MIM Holdings.The sale generated US$331.2 million, which will result in an after-tax gain of US$39 million (or…
AfriOre takes reins in Botswana
Having renegotiated the terms of its joint-venture agreement with Gencor, Toronto-based AfriOre (VSE) will now manage six diamond projects in South Africa and Botswana.AfriOre will have the right to e…
SOUTHEAST ASIA SPECIAL — Altai adds to property portfolio
Toronto-based Altai Resources (TSE) has added another gold project to its Philippine portfolio.The junior acquired the Bulan project, comprising 3,285 hectares in the province of Sorsogon, southern Lu…
ANNUAL REPORT REVIEW — Prime earnings climb during quarter
High gold and silver prices, combined with an increase in precious metals production, coalesced into a healthy first quarter for Prime Resources Group (TSE).Earnings for the period totalled $13.2 mill…
ANNUAL REPORT REVIEW — Ashton to bid for Crater of Diamonds
Ashton Mining of Canada (TSE) has entered into an agreement with Texas Star Resources (VSE) to bid for the development of the Crater of Diamonds lamproite in Arkansas.Ashton says the rock type that ho…
SOUTHEAST ASIA SPECIAL — Quebec-based junior company targets Solomon Islands
The Solomon Islands are known more for their idyllic beaches and wartime history than for gold, more for copra than for copper.However, a small Quebec-based mining company expects to change that perce…
NEWS IN BRIEF (May 20, 1996)
International King Jack Resources (IKJ:VSE) has changed its name to Petromin Resources (PTR:VSE) on a 1-new-for-5-old-share basis.
Gold Funds (May 20, 1996)
Gold Funds as of May 9, 1996BGRCentralNet Value$25.81$6.76Price$20.45$6.900Discount20.77%2.1%Value$201,788,000$124,885,170…
Metal Prices — FREE MARKET (May 20, 1996)
London Metal ExchangeSpot closing prices in $US per tonneDateMay 14 May 13 May 10 May 9 May 8Copper2776-2781 2770-2775 2772-2777 2800-28052845-2850Lead847-848 843-844 850-852 850-852 869…
Anglo, American Mineral to develop Kipushi
The Kipushi polymetallic deposit in Zaire will be reworked following an agreement between American Mineral Fields (VSE) and mining powerhouse Anglo American.The latter will contribute up to $100 milli…