Stan North Mining, a private company with gold and base metal properties in Ontario and Manitoba, is negotiating to sell its assets to Toronto-based Chutline Resources (VSE). Both companies share common management.
The proposed deal, subject to regulatory and other approvals, would see Chutline issue treasury shares to by the outstanding share capital of Stan North.
The latter company owns properties in the Timmins area including Jessop and Deloro twps., as well as options on claims in Whitney and Tisdale twps. The Timmins are properties are all in the exploration stage and are considered gold and nickel targets. Stan North also has options on a mining property with proven reserves of copper near Flin Flon, Man.
An independent committee of Chutine directors will assess the transaction and the valuation placed on Stan North’s assets since the two companies share common management.
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