There is no particular significance to this latest move, Sheridan told The Northern Miner, pointing out that these purchases are for investment purposes only.
New Golden Sceptre and its sister company, New Goliath Minerals (TSE), were formed in 1987 to acquire all assets of the predecessor companies unrelated to the famed Golden Giant gold mine at Hemlo. Both are cash rich, with their latest financial reports showing cash and short term investments of $4,932,036 and $2,411,398 respectively.
The Sceptre firm currently holds 5,926,446 common shares of New Goliath, while that company in turn holds an equal number of shares in New Golden Sceptre. They are jointly active in mineral exploration in Canada, the United States and Mexico, as well as holding minor oil and gas interests in the United States.
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