News in Brief (August 07, 1989)

Noranda Inc. (TSE) will sell $100 million worth of 10.5% debentures to brokerage firms Gordon Capital, Burns Fry, RBC Dominion Securities, Wood Gundy, Nesbitt Thomson Deacon and ScotiaMcLeod. Maturation date will be July 28, 1999. Proceeds from the issue will be used to reduce short-term indebtedness, Noranda reports.

Corona Corp. (TSE) is the owner of 203,800 shares (a 10.4% interest) of Goldnev Resources (VSE), which recently changed its name from Golden Nevada Resources and underwent a share consolidation on a five-to-one basis.

United Keno Hill Mines (TSE) reported a second-quarter loss of $1.08 million compared with a loss of $2.04 million for the same period in 1988. For the six month period, the company reported a loss of $2.3 million or 46 cents per share compared with a loss of $4.09 million or $1.13 per share for the same period in 1988. There was no production in the second quarter as all mining and milling operations at Elsa, Y.T., were suspended in January because of low silver prices. The current loss is due to the cost of placing the facilities on a care and maintenance basis, head office and exploration expenses and depreciation. The Elsa facilities will be maintained on a standby basis until silver prices rise.

The rights offering to shareholders, which closed May 5, yielded proceeds of $10.62 million which were used to fully retire the company’s debt.

Midland Gold Corp. has changed its name to Minera Rayrock Inc. (MRN:VSE) on a 1-new-for-4-old share basis. Tranfer agent is Montreal Trust Co.

Pebble Gold Resources has changed its name to Drexel Enterprise Corp. (DRN:VSE) on a 1-new- for-3-old share basis. Transfer agent is Central Guaranty Trust Company.

Miramar Energy has changed its name to Miramar Mining Corp. (MAE:VSE) on a share-for-share basis. Transfer agent is Pacific Corporate Services.

Manhattan Mineral Corp. has changed its name to Safety-Ject Medical Products Ltd. (SJP:VSE) on a share-for-share basis. Transfer agent is Montreal Trust Company.

Monte Carlo Resources has changed its name to C.R. Provini Financial Services Corp. (PFS:VSE) on a share-for-share basis. Transfer agent is Central Guaranty Trust.

Pacific Comox Resources Inc. and Samurai Resources have amalgamated to form Pacific Comox Resources Ltd. (PCM:VSE). Shareholders of Pacific Comox Res. Inc. receive 1-new-for-1-old; Samurai shareholders receive 1-new-for-3- old shares. Tranfer agent is Central Guaranty Trust.

Gamin Resources has changed its name to Mineral Park Mining Corp. (MPK:VSE) on a 1-new-for-5-old share basis. Transfer agent is National Trust Company.

Camborne Resources has changed its name to Camborne Industries Ltd., (KAV:VSE) on a share-for- share basis. Transfer agent is Pacific Corporate Services.

Scorpion Resources has changed its name to Reese River Resource Corp. (RRV:VSE) on a share-for- share basis. Transfer agent is Montreal Trust Company.

Powergem Resources has changed its name to Consolidated Powergem Resource Corp. (CGM:VSE) on a 1-new-for-3.5-old share basis. Transfer agent is Montreal Trust Company.

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