Spirit Lake directors re-elected

Not only were existing directors re-elected, but the board was also expanded to include a seventh member nominated by management.

Spirit Lake, which has a promising gold property near Wawa, Ont., recently began trading again on the Montreal Exchange after a 3-month halt.

Shareholder John Archibald, claiming the support of 25% of the votes available at the meeting, proposed a new 7-member board to replace the existing six directors. The new slate comprised Archibald, Thomas Caldwell, Frederick Leitch, Kenneth Murton, Malcolm Slack, Doug Towers and David Wahl.

Re-elected to the board, however, were William Chymyck, Everett Fagg, president; Milton Klyman, Ian McDonald, Laurence Stephenson and Elgin Wolfe. Also elected to the board, as its seventh member, was Terrence Blower.

“Our feeling is present management is going in the wrong direction,” Archibald told The Northern Miner following the relatively quiet meeting. Trading halt

Director Chymyck acted as the company’s spokesman regarding the trading halt. Chymyck was among the company officers who met with ME officials shortly after the halt was ordered; he said he is still unclear as to why the regulatory action was taken.

“We still don’t know why they halted the trading in our shares,” he told the meeting.

After ordering the halt in early December, the ME said in part it was undertaking an investigation into the irregular trading pattern of the stock.

Spirit Lake will be issuing an announcement in the near future which Fagg said will “clear the air.”

Named to supervise all exploration activity at the junior’s Jacobson Twp. property in northern Ontario was an independent geological consultant, Glenn R. Clark & Associates. The firm is preparing a report on exploration activity at the project for release by May 1.

Spirit Lake began its exploration work on the property, located 30 miles northeast of Wawa, in 1987. It has spent about $2 million on drilling and other work and identified two mineralized zones and two more potential targets.

Spirit Lake has almost four million common shares and 500,000 preference shares outstanding. The stock was recently trading at the $2 level, within a 52-week range of $1.80-$4.90.

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