Duration re-acquires interest in Theresa

Duration Mines (TSE) has reached an agreement with Redpath Ltd., a mining contractor, which will return ownership of the Theresa mine project near Longlac, Ont., back to Duration.

Last summer, Redpath slapped a lien against the property after Duration failed to make work payments. Duration ran into financial difficulties when a flow-through share offering at an agreed price, was scuttled. The funds, which were to have come from a flow-through fund, had been budgeted to pay Redpath’s account.

“It’s been a rough year,” David Rodgers, president of Duration, told shareholders recently at the company’s annual meeting. “We fought to get the property back, and got it.”

Duration will be paying Redpath an undisclosed sum to settle the claim. However, the deal remains subject to a first right of refusal which must be exercised by January 14, 1989, Rodgers added. The right was granted by Redpath to the original vendor of the property. Rodgers feels the right will not be exercised.

Upon the successful completion of the deal, Duration plans to immediately joint venture the property with a major Canadian mining company. Rodgers noted that several have been keenly interested in the Theresa project.

In the Casa Berardi area of Quebec, Duration is maintaining its large land holding. Two major companies are reviewing Duration’s exploration data with the intent of optioning the claims.