Noranda to explore Teddy Bear/Lightval gold properties

The two juniors, which own gold properties in Ontario’s Harker and Holloway twps., will see exploration work on their claims proceed with the financial backing of Noranda, and Newmont continuing as operator on paper.

“When Newmont pulled the plug on Canada, Teddy Bear and Lightval still had an option agreement with the company,” said Andrew Chadder, president of both juniors.

Newmont originally optioned Lightval and Teddy Bear’s Harker/ Holloway properties in March, 1986. Under the terms of two separate option agreements, Newmont was to spend $2 million on the Teddy Bear claims, and $3 million on the Lightval property in order to earn a 60% interest in each property. Nearly $2 million remain to be spent on the Lightval claims in Harker Twp., according to Chadder.

A $350,000 drilling program is scheduled to begin soon on the 51 claims held by Lightval, while plans are still being formulated for the next stage of work on the Teddy Bear claims, he said.

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