Newmont building mine in Indonesia
Construction is under way at the Minahasa gold project on the northern Indonesian island of Sulawesi. Newmont Gold (NYSE), which owns 80% of the venture, expects to begin production in early 1996 at a…
News
Adrian uncovers new gold zone
At the Petaquilla property in Panama, stepout drilling has confirmed an additional near-surface gold zone for Adrian Resources (TSE). Associated with the Molejon deposit, the new zone is estimated to …
Minorca eyeing Espalau assets
Junior Minorca Resources (ME) intends to acquire a half interest in the dormant Bachelor Lake gold mine from Espalau Mining (ME). The company would do so by funding $4.5 million of exploration and dev…
Rio Algom buying Alcan division
Copper producer Rio Algom (TSE) is acquiring Alcan Aluminum’s Metals Goods distribution business. Metals Goods operates a network of 39 facilities throughout the U.S. which sells and distributes stain…
Pallaum focuses on South Pacific plays
Additions to management and a planned change of focus will take Pallaum Minerals (ASE) to Papua New Guinea in quest of gold. Trading in the issue is currently halted at the company’s request while a r…
Red metal’s rise leaves BHP in black
Australian-based resource giant Broken Hill Proprietary (BHP) experienced a jump in sales and other revenues for the 6-month period ended Nov. 1, 1994. The 10% rise was in part due to the improved per…
Castle Minerals in Mexico
A name change has been proposed for Castle Minerals (VSE), along with a share consolidation on a 2-for-1 basis. (The company has 30.6 million common shares outstanding.) In other activities, the junio…
Kennecott drills Milagro property
Salt Lake City-based Kennecott Exploration has drilled six widely spaced HQ holes (2.5 inches in diameter) on a gold-copper property in Honduras. The 52-sq.-mile concession is held by Milagro Minerals…
Pan Pacific pursues interests in Asia
To position itself closer to its exploration projects in Southeast Asia, Vancouver-based Pan Pacific Gold (VSE) is establishing two base operations, one in Hanoi, Vietnam, and the other in Beijing, Ch…
NEWS ROUNDUP — USMX extends program
A stock repurchase program in which up to 300,000 common shares of USMX (NYSE) were to be acquired has been extended. The program was to have expired Dec. 31, 1994, but was extended until March 31, 19…
NEWS ROUNDUP — Greenstone pays off note
With mining well under way at its wholly owned Santa Rosa gold mine in Panama, Greenstone Resources (TSE) has paid off a US$5-million promissory note prior to its due date. The note, payable to Freepo…
NEWS ROUNDUP — Asarco, Coeur d’Alene form new company
Two New York-listed companies — Asarco and Coeur d’Alene Mines — have combined certain assets, thereby forming a new company. The new entity, known as Silver Valley Resources, holds the fully develo…