Recently listed on the Montreal Exchange was Tiomin Resources, which was created through the amalgamation of New Pascalis Mines and Tiomin Resources.
Pascalis shareholders received one Tiomin share for three Pascalis shares in the transaction which saw Pascalis resolve its indebtedness to Falconbridge Ltd. Prior to the amalgamation, Tiomin completed a private placement of shares and warrants to 11 European investors, realizing net proceeds of more than $2.3 million.
Tiomin plans to explore the Natashquan heavy minerals sand deposit in Quebec’s North Shore area. A preliminary reserve estimate of 1.3 billion tonnes grading 6% heavy minerals including iron, titanium, zircon and garnet is indicated.
The company expects a feasibility study costing $3.5-5 million will take 2-3 years to complete.
President of Tiomin is Oliver Lennox-King. Directors are Lennox-King, Jean-Charles Potvin, John Porritt, Wayne Beach, Pierre Lassonde and Ian Telfer.
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