Silverside set to change name

Shareholders of Silverside Resources (TSE) voted recently in Toronto at the annual meeting in favor of a share consolidation and a name change.

The company, which currently has about 10.9 million common shares and 470,769 preference shares outstanding, will consolidate each type of share on a 1-for-4 basis. The new corporate name will be Starmin Mining Inc.

At last year’s annual meeting, shareholders voted on similar resolutions which, because of legal technicalities, never came into force.

Silverside shored up its cash position in 1990 by selling its 87.5% interest in the Garrison Twp. gold property in northeastern Ontario to Deak Resources for $705,000. Silverside reported it received full payment from Deak by the end of March.

The company has a small portfolio of Canadian properties, including gold claims in the Red Lake, Ont., area where a $25,000 exploration program (stripping and mapping) is planned for this summer.

Outside of Canada, President Babu Gajaria said Silverside is investigating the acquisition, possibly with joint venture partners, of precious and base metal properties in South America and the Pacific Rim area.