Red Lake-Sun Valley to spend $2 million at Red Lake bets

Thanks to an additional $1.5- million flow-through financing Red Lake-Sun Valley Resources now has $2.5 million to spend on exploration at its Red Lake, Ont. property.

Red Lake-Sun Valley received $1 million from tap Mineral Management Ltd. in conjunction with a recent Vancouver Stock Exchange listing.

According to Red Lake-Sun Valley the company will spend the funds on exploration at 16 claims in two twps. abutting the Dickenson and Campbell Red Lake mines.

Red Lake-Sun Valley is undertaking this work in a joint venture with Interquest Resources which had previously raised $150,000 from Rycam Resources to finance exploration at its 10 Balmer Twp. claims. The Red Lake area claims were formerly known as the Lennie property.

In another joint venture project with Noranda Explorations Red Lake-Sun Valley is currently spending $500,000 to earn a 25% interest on a 10,000 ac gold property in the Casa Berardi, Que., region.