NEWS IN BRIEF (January 02, 1995)
American Reserve Mining (AMI:VSE) has changed its name to AMI Resources (AMU:VSE) on a 1-new-for-16-old-share basis.
News
Summo placement
A private placement gives Summo Minerals (VSE) $3 million to fund a feasibility study of its Lisbon Valley copper oxide project in Utah. The placement includes 2.5 million units at $1.20 per unit. A u…
Arequipa offering to raise $4-m
A placement of 5.4 million special warrants at 75 cents each is under way for Arequipa Resources (VSE). The expected proceeds of $4 million will be used to explore and develop the junior’s Peruvian pr…
Caledonia acquires two South African producers
Toronto-listed Caledonia Mining has completed transactions to acquire two companies with operating gold mines in South Africa for a total of $49.1 million. Caledonia can acquire a 100% interest in Bar…
Detector drilling at Pistol Lake
Diamond drilling has begun on Detector Resources’ (ASE) Pistol Lake gold project, 90 km west of Thunder Bay, Ont. The 1,300-metre, 6-hole program will attempt to define the downdip extension of the Co…
Minieres du Nord to drill Isle-Dieu
Montreal-listed Explorations Minieres du Nord has drafted an exploration program for its Isle-Dieu gold-copper property near Matagami, Que. Thirteen holes totaling 2,380 metres will be drilled on the …
Cons. Bonanza buys gold mine in Mozambique
Alberta-listed Consolidated Bonanza Metals (ASE) will buy a gold mine in Mozambique and undergo a name change. In addition to acquiring the producing Monarch gold mine near Manica, Bonanza will gain c…
Northern Platinum takes on Wellgreen
Junior Northern Platinum (VSE) has been granted a 1-year extension on an expenditure deadline on the Wellgreen property in the Yukon. The company now has until Nov. 30, 1995, to spend $200,000 on expl…
TVX, Gold Reserve settle dispute
A binding settlement has been reached between subsidiaries of Gold Reserve (TSE) and TVX Gold (TSE) concerning the Brisas concession in the Kilometre 88 region of southeastern Venezuela. The TVX subsi…
Noranda to drill Abcourt property
Following the discovery of two massive sulphide zones earlier this summer, Abcourt Mines (ME) and the exploration division of Noranda (TSE) intend to drill three deep holes on Abcourt’s McKenzie base …
Negotiating an overseas property agreement (1)
This 2-part article describes the principal elements of the standard mineral option and joint-venture agreement used in Canada and the U.S., and highlights some points of misunderstanding that can ari…
The copper industry and SX-EW output
Copper is in a bull market, but supplies of the red metal appear set to rise significantly during the next few years. Higher production, both for new projects and expansions at existing operations, sh…