Toronto-based Republic Goldfields (VSE) has acquired a privately held Montreal-based company whose principal asset is its interest in the Ellison gold property in Bousquet Twp., Que.
The property is located between the Bousquet No. 1 and Doyon Mines, along the same prolific trend that also hosts the LaRonde and Bousquet No. 2 mining operations. In total, these four mines produced more than 630,000 oz. gold in 1992.
Surface drilling on the Ellison property has established preliminary reserves of 900,000 tons grading 0.2 oz. gold per ton.
In exchange for the numbered company, Republic will issue 600,000 shares and Howard Ellison will be a nominee to Republic’s board of directors at the company’s annual meeting in May.
Title to the property is currently the subject of a legal dispute, dating back to 1987, with Yorbeau Resources (ME).
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