Deak Resources reduces debt
After securing $3.4 million in loans from the Northern Ontario Heritage Fund and the FedNor Core Industrial Program, Deak Resources (TSE) has been able to complete agreements for a $3-million private …
News
Phelps, Scotia plan to drill targets
Phelps Dodge of Canada, a unit of Phelps Dodge (NYSE), has signed an agreement to option a 51% interest in each of three Nova Scotia properties from Scotia Prime Minerals (ASE). The agreements pave th…
Spot prices at a glance (March 25, 1991)
Price (US) Week’s Change Gold* $364.20 – $ 1.00 Silver* $ 4.04 – $ 0.02 Platinum* $401.45 – $ 5.05 Nickel** $ 3.98 + $ 0.08 Lead** $ 0.27 $ 0.00 Copper*DA $ 1.08 – $ 0.02 Zinc*DD $ 0.54 + $ 0.00 Court…
Northgate writes down investment in Colomac
Toronto-based Northgate Exploration (TSE) and affiliate NorthWest Gold (AMEX) have joined the growing list of Canadian gold producers to have included substantial writedowns on resource properties wit…
Exploration inAlaska up by 19%
A review of exploration activity in Alaska for 1990 shows spending increased 19% to US$56.7 million from the previous year’s US$47.8 million. Three gold projects near Juneau, all in advanced stages of…
NEWS IN BRIEF Marshall Minerals
Marshall Minerals (ASE) reported completing the acquisition of the 45% interest in the Sangold property at Foleyet, Ont., it did not already own. Marshall issued 748,886 shares at $1.05 per share (for…
Minera proceeds with Ivan study
Toronto-based Minera Rayrock (TSE) says initial capital costs to build a new copper mine at 100% owned Ivan property in Chile are estimated at US$19.5 million, including US$3 million for working capit…
Cambior to purchase another 25% of mine
Montreal-based Cambior (TSE) has reached an agreement to purchase an additional 25% interest in the Valdez Creek placer gold prospect in Alaska from a subsidiary of Valdez Gold for US$6 million. Once …
More towns given special designation under OMIP plan
The communities of Atikokan, Manitouwadge and the Beardmore-Geraldton-Longlac-Nakina area have recently been designated under the Ontario Mineral Incentives Program (OMIP) special community component….
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…
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…