News in Brief (April 17, 1989)

American Reserve Mining (VSE) has purchased 200 acres of property adjoining its Paymaster property in Timmins, Ont., from Patrick Sheridan and Diepdaume Mines (VSE). The price for the property was $1.1 million in cash and $1 million in the form of a 180-day interest free note. The purchase was made through Paymaster Gold Mines, a wholly-owned subsidiary of American Reserve, and is subject to regulatory approval. The company believes the property hosts extensions to the Paymaster gold zones.

To date, American Reserve has spent a substantial amount of money acquiring, and adding to, its Paymaster property holdings in the Timmins camp.

Earlier this year, the company gained 100% control of the past- producing Paymaster property by merging one of its subsidiaries with Toronto-based Associated Porcupine Mines, the previous owner.

Last year, American Reserve had attempted a takeover bid for all of the outstanding shares of Associated Porcupine, but this proved impossible because the company was unable to acquire 90% of the issued stock in Associated Porcupine.

The recently completed amalgamation was successful, however, and American Reserve’s subsidiary subsequently issued special shares, redeemable at $5.00 cash, to the shareholders of Associated Porcupine.

Under its earlier joint venture agreement, American Reserve had drilled several deep exploration holes on the property to test for gold mineralization between 6,000 ft and 7,000 ft. The company also conducted surface rehabilitation of the old Paymaster headframe and commenced a dewatering program of the old shaft.

When contacted by the Northern Miner recently, the company’s officers were unavailable to discuss their current exploration plans for the Paymaster property.

International Platinum Corp. (TSE) has completed a 2,500-ft winter drilling program on the company’s Eagle Lake property near Dryden, Ont. The program was designed to test the base metal potential of various geophysical anomalies on the property.

Musto Explorations (MUX) has been delisted from the Toronto Stock Exchange at the request of the company, but continues to trade on the Vancouver Stock Exchange.

M.G.M. Resource Corp. has changed its name to Precision Petroleum Services Inc. (PPM: VSE) on a 1-new-for-5-old share basis. Transfer Agent is Central Guaranty Trust Company.

COATS-listed Gold Bar Resources has commenced a 30,000-ft diamond drilling program on the company’s Chester Twp. gold property, south of Gogama, Ont. The program will explore the No 1 zone where previous work had outlined gold, copper and silver mineralization.

Houston Metals has changed its name to Pacific Houston Resources, Inc. (PHR:VSE) on a 1-new-for-5- old share basis. Transfer agent is Central Guaranty Trust Co.

Gulf Titanium has changed its transfer agent to Pacific Corporate Services Limited.

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