News in Brief (February 08, 1988)
Breakwater Resources has completed the private placement of 276,000 flow-through shares at $6.325 per share for total proceeds of $1,745,700. The money will be used to fund exploration work on mineral…
News
Vancouver Stock Exchange Sluggish economy keeps gold down
Lower gold prices are having a very negative impact on the Vancouver market which has still not recovered from the Oct 19 crash. Analysts conclude that forward sales have probably capped gold prices f…
OSC to implement new juniors policy
The Ontario Securities Commission is expected to issue a new policy on financing junior resource companies during the first week of February. The new policy is expected to be implemented April 1. The …
Dawson, Hughes-Lang sell mineral rights to subsidiary for $1-
** year ** With $3 million needed for expanded exploration programs on three placer gold projects, Calgary- based Gold City Resources is attempting to raise $1,750,000 during the current year. L…
Eldorado gets approval for $1-billion mine development
A wholly-owned subsidiary of federal Crown corporation Eldorado Nuclear has received environmental approval to go ahead with a 3-pronged mine development plan in northern Saskatchewan. Estimated to co…
Economic slowdown brings lower prices for gold
Although 1988 is still young, anyone expecting the price of gold to carry on from the high levels of last year may be forgiven for having second thoughts. The precious metal, which closed 1987 at $486…
Golden Pond ruling
Golden Pond Resources is the victor in an arbitration ruling which ruled in the company’s favor following a dispute with A-Pri-Or Mining. The latter company claims that Golden Pond had lost its rights…
Rayrock, Discovery swap oil, gas for mining assets
The boards of directors of Toronto-based Rayrock Yellowknife Resources and Discovery West Corp. have agreed to a major rationalization of the mining and oil and gas assets of both companies. Under the…
Tamavack drilling gets promising gold values
Joint venture partners Tamavack Resources and International Maple Leaf continue to report encouraging drill results at their Fountain lake property in Moss Lake Twp., northwestern Ontario. A total of …
Canadian pair funds huge Montana deposit
There are a number of remarkable aspects of the Noxon silver- copper project in Montana where two junior Canadian companies, Jascan Resources and Atlantic Goldfields, are funding work to bring the pro…
Pine Point profits climb as mine closure imminent
Ending a successful mining operation on a high note, Pine Point Mines reported net profits for 1987 of $28.3 million, or $6.11 per share. This compares with 1986 earnings of $2 million or 45 cents per…
Famous forecasts — what happened?
The strong desire of metal consumers for price stability in the markets has had its effect on forecasts, public opinion and politics in the Western world since 1950. At that time, the U.S. Paley Commi…