NEWS IN BRIEF South American Goldfields
South American Goldfields (TSE) recently raised $460,000 through a private placement involving 575,000 shares at 80 cents per share. Proposed was the sale of up to one million shares. The company said…
News
Caribou, zinc price factor in Breakwater’s financials
Low zinc prices and the closure of Breakwater Resources’ (TSE) Caribou lead-zinc mine in New Brunswick have taken a heavy toll on the Vancouver company’s 1990 financial results. After announcing a $64…
NovaGold’s ambitions rely on processing technology
The corporate strategy of NovaGold Resources (TSE), based in Halifax, N.S., is to become a “vertically integrated major mining company,” says company Comptroller Glenn Holmes, and “a world leader in t…
Cassiar miners back at work
A union dispute at the Cassiar mine in northern British Columbia has been resolved by the ratification of a 2-year agreement by the mine’s 330 union employees. The mine is owned and managed by a unit …
Denison to reject Hydro price offer
The future of Denison Mines’ (TSE) Elliot Lake, Ont., uranium mine continues to hang in the balance now that the company and Ontario Hydro have failed to agree on a new pricing formula for a long-term…
U.S. REPORT Hemlock options Nevada gold bet
Golden Hemlock Explorations (VSE) has signed a letter of intent to earn a 50% interest in Golden Quail Resources (VSE) gold property in San Bernadino Cty., Calif., 60 miles south of Las Vegas, Nev. He…
Thompson Belt, Flin Flon attract most attention in Manitoba
Projected exploration expenditures in Manitoba in 1990 are expected to be slightly lower than the estimated $40 million spent in 1989. Claim staking in 1990 was down 30% as compared with 1989 but more…
Columbia planning drilling on Spectrum
After a successful exploration program in 1990, Columbia Gold Mines (VSE) plans to spend about $1 million on the Spectrum property in northwestern British Columbia during the coming season. Columbia i…
Gulf puts Asamera back on the auction block
Even though the company was formally taken off the auction block in May of last year, Asamera Minerals (TSE) is once again being offered for sale by a unit of its parent company, Gulf Canada Resources…
Copper price forecasting difficult
The cash price of cash copper on the London Metal Exchange (LME) went from US$1.34 on Sept. 3, 1990, to US$1.53 Sept. 17, to US$1.26 on Oct. 1, and finally to US$1.07 on Jan. 30, 1991. Furthermore, LM…
Inco debentures
A US$150-million issue of Inco’s (TSE) 25-year debentures, which are being sold in the U.S., will carry an interest coupon of 7.75% per year. The debentures are convertible into common shares of Inco …
Yukon’s oldest prospector keeps active
Prospector Gordon Dickson, 78, pulls a slightly yellowed document from a folder. The date at the top reads 1946. It’s one of Dickson’s first agreements to sell mineral claims at Mount Nansen; the reci…