Galactic to acquire control of All-North

Galactic Resources will acquire a 64% control position in All-North Resources. The agreement calls for All-North to acquire Galactic’s 96.04% equity interest in Hudson-Yukon Mining in exchange for the issuance to Galactic of approximately 6.7 million common shares of All-North. The resulting company will be Hudson- Yukon Mining.

This will give the Galactic subsidiary a 75% working interest in the Wellgreen platinum property with Chevron Minerals holding the balance. The current exploration program will continue through the winter months and involve the reopening of the old Wellgreen mine followed by underground diamond drilling. Metallurgical test work is also planned and the company expects to mount a full-scale feasibility study in mid-1988.