News in Brief (May 16, 1988)

Lenora Explorations (TSE) and Mary Ellen Resources (VSE) have entered into preliminary discussions regarding the possible merger of the two, the boards of directors of the companies have announced.

O’Hara Resources (VSE) has acquired a 50% interest in a 99-year lease on certain placer properties located three miles from Camptonville, Sierra Cty., Calif., covering some 4,000 acres.

Lenora Explorations (TSE) has completed its draw-down of available funds, totalling $1,000,000, pursuant to the share purchase agreement dated June 17, 1987, as amended Sept 3, 1987, with NIM and Co. Ltd. Partnership — 1988. The funds were drawn down on May 2 for which the company issued 831,739 flow-through common shares. This now completes Lenora’s arrangement with NIM regarding its June 17, 1987, share purchase agreement.

International Baslen Enterprises (ASE) reports it has negotiated the purchase of a headframe for the shaft on its Val d’Or property in Quebec and expects to be moving the headframe on the property as soon as approval and transportation can be arranged.

Angle Resources, Nexus Resource Corp. and Reward Resources have amalgamated to form Nexus Resource Corp. (NXS:VSE) on the following basis: Angle shareholders receive 0.89 new share for each old share; Reward shareholders receive 0.33 new share for each old share; Nexus shareholders receive share- for-share.

NovaGold Resources reports it has acquired 12,148,542 common shares, representing 90% of Northumberland Mines (TSE) and has further extended its takeover bid offer to May 19 to provide the opportunity for other shareholders to tender to the offer. NovaGold is offering one NovaGold common share for every 5.5 Northumberland common shares.

Stina Resources has announced the signing of an option agreement with Four Star Management to acquire a 50% interest in the latter’s Black Rock group of claims, located near Baker, San Bernardino Cty., Calif., subject to regulatory approval.