Princeton gains control of Cliff
By selling its wholly owned asbestos unit to Cliff Resources (TSE) in exchange for common equity, Princeton Mining (TSE) has effectively gained control of Cliff. Princeton estimates that it will own 7…
News
Low grade deposit on Springpole bet
The Portage zone on the Springpole gold property being explored by joint venture partners Noranda (TSE) and Akiko-Lori Gold Resources (VSE) hosts geological reserves of at least 7.9 million tons gradi…
Queenstake makes new acquisition
Further to the company’s move away from placer mining, Queenstake Resources (TSE) has acquired a number of claim blocks in Pershing Cty., Nev., which include the Snowsquall and Doc properties. As a re…
Belmoral seeking rescuer after $34.5 million loss
Efforts to rescue Belmoral Mines (TSE) from its financial troubles were continuing as the company revealed recently it had lost $34.5 million (91 cents per share) during the year ended Dec. 31. While …
Magnesium plants in startup phase
Two new Canadian magnesium plants are in the startup phase. Norsk Hydro began a small-scale test operation toward the end of last year at its Becancour, Que., facility; full capacity of 40,000 tons pe…
Norgold to test Arizona gold belt
A drill program by Norgold Resources (VSE) is about to begin on the 100% owned General Grant gold project, some 70 miles northwest of Phoenix, Ariz. Situated in a known mineral belt, the 2,600-acre pr…
Melinga re-evaluates low-grade gold, copper property in Honduras
A property in northwest Honduras, where a large, low-grade gold deposit was discovered in the early 1970s, is being re-evaluated by Melinga Resources (VSE). Subject to regulatory approval, Melinga wil…
Goldex, Ormico confirm large, low-grade deposit
When Goldex Mines (TSE) and Ormico Exploration (ME) agreed to launch a $2-million, underground drilling program on their Val d’Or property in January, they hoped to prove the presence of a multi- mill…
50 YEARS AGO (April 02, 1990)
NICKEL POTENTIAL IN LANGMUIR TWP. In the central part of Langmuir township and in the southern part of Carman township, there are several bands of iron formation containing massive pyrrhotite. Assays …
MinVen writes off Blackdome, but gold production continues
Denver-based MinVen Gold (TSE) has written down the carrying value of its Blackdome gold mine near Clinton, B.C., and is also looking to sell its one-third interest in the Golden Reward mine near Lead…
Alaska placer mines yield 297,900 oz., best year since ’42
Placer and lode mines in the state of Alaska collectively turned out 297,900 oz. gold in 1989, the highest amount produced since 1942. The precious yellow metal was also the most valuable mineral comm…
SUPPLIER’S NOTES (April 02, 1990)
Bailey Controls Group, through parent Elsag, has acquired a controlling interest in the Industrial Controls Division of Schlumberger Industries of France. A new company, Bailey SEREG, has been formed …