NEWS ROUNDUP — Kirkton swings deal with Phelps Dodge

An option to acquire an interest in the Shunsby copper-zinc-lead-silver property from Kirkton Resources (CDN) in the Swayze area southwest of Timmins, Ont., has been negotiated by Phelps Dodge Corp. of Canada.

Kirkton is earning up to a 100% interest in the Cunningham Twp. property, consisting of 20 patented mining claims and 10 mining leases, from MW Capital Resources Corp. and Chelsea Resources.

Phelps Dodge may earn up to an 80% interest in Kirkton’s interest by making payments totalling $150,000 and spending about $2 million on exploration work by April 18, 1994. Kirkton shareholders will vote on the deal at the Dec. 21 annual meeting.

Kirkton says Phelps Dodge is expected to start an exploration program at the property by year-end.