News in Brief (May 30, 1988)

Lenora Explorations (TSE) has entered into an agreement with CMP 1988 II Resource Partnership and Co. Ltd. to spend $500,000 in Canadian exploration expenses prior to Feb 28, 1989. In this regard, 576,701 common shares will be issued at a rate of 86.7 cents per share. The arrangement is subject to regulatory approval.

Rea Gold Corp. (VSE) has reached an agreement with DCC Equities for the flow-through private placement of 321,482 shares at a price of $4.32 per share. Rea will use the proceeds of $1 million on its properties in British Columbia and Ontario.

Algonquin Mercantile Corp and Tintina Mines have each purchased 687,500 shares of NSR Resources which respresents a combined 9% interest in the company.

American Reserve Mining Corp. (VSE) has reached an agreement with respect to a flow-through share private placement of up to 1,142,857 common shares at a price of $2.75 per share with 1988 Tap — IV Resource Ltd. Partnership, Dustin Elford, vice-president announced. The proceeds of up to $2 million will be used to incur Canadian Exploration Expense qualifying for Mining Exploration Depletion Allowance and the funds will be spent at the Paymaster gold mine in Timmins, Ont. The arrangement is subject to regulatory approval.

Prophet Resources (VSE) has signed an agreement for the private placement of 280,453 common shares for an aggregate of $150,000 with MTC Flow-Through Resources Fund 1988 Ltd. partnership — 1. The funds will be spent primarily on the Sudbury-area platinum-nickel properties and the Goudreau-Lochalsh area gold properties near Wawa, Ont.

Osisko Lake Mines (TSE) reports a loss of $26,380 (0.4 cents per share) for the period ended Dec 31, 1987, compared with a loss of $96,714 (1.5 cents per share) for the same period of 1986. For the three months ended March 31, the company reports a loss of $5,357 versus a loss of $2,092 for the corresponding period of 1987.

Harlin Resource Corp. (VSE) has announced that regulatory and shareholder approval is being sought for a one-new-for-three-old share consolidation and a change of name to Consolidated Harlin Resources. The annual general meeting of shareholders was scheduled for May 26.

A. W. Applegath, president of Tundra Gold Mines, (VSE) bought 101,000 shares during the month of April, to hold 147,304 shares.

Chablis Resources has subdivided its common shares on a 3-new-for- 1-old basis.

International Maple Leaf has changed its transfer agent to Guaranty Trust Co.

R.C.J. Resources has changed its name to Venturex Resources Ltd. (VXX:VSE) on a share-for-share basis.

Hemlo Explorations has changed its transfer agent to Guaranty Trust Co.

Golden Shield Resources (TSE) has entered into a private placement agreement with NIM and Co. Ltd. Partnership — 1988, pursuant to which NIM is purchasing 948,617 flow-through shares at $3.1625 per share for an aggregate purchase of $3 million. Golden Shield intends to use the money to fund its 1988 exploration program.