Mutual in W. Africa

A private placement by Teck (TSE) will provide additional funds for Mutual Resources (VSE) to pursue gold opportunities in West Africa.

Mutual President Robert Quartermain says the company is in advanced discussions to acquire an interest in a gold producer “with interesting exploration potential.” Details will be announced once government approval is obtained.

Teck subscribed for 800,000 Mutual shares at 25 cents each. This will bring the junior’s working capital to $380,000. In exchange, the major was awarded the right to earn a 55% interest by placing in production one property in Africa.