News in Brief (January 26, 1987)

American Barrick is now the sole owner and operator of the Goldstrike mine in Nevada. This follows the approval by shareholders of Pancana Minerals of a plan of arrangement which results in Pancana becoming a wholly-owned subsidiary of Barrick. The plan has been sanctioned by the court of the Queen’s bench of Alberta.

Noble Peak Resources reports a net loss of $449,021 for the six months ended Nov 30, of which $384,688 is recorded as an extraordinary loss attributable to a writedown of an investment which did not involve cash. Total current assets of the company stand at $464,332, against total current liabilities of $205,483, leaving the company with a working capital of $258,849.

Golden Triangle Mining Exploration says it has an agreement with IORI Enterprises in which Golden Triangle can earn a 70% interest in 276 claims in Ste. Helene Twp., Que. Golden Triangle can earn the interest by spending $647,000 on the property by Feb 28, 1988. Noramco Explorations will be operator on the exploration program.

Yukon Minerals Corp. reports it has acquired six Crown-granted mineral claims in the old Sheep Creek gold camp near Salmo, southeastern B.C. The company says the property is optioned from geologist Andrew Higgins, who retains a 10% net profits interest in the claims. Sheep Creek was an active gold mining camp in the periods 1899-1916 and 1928-1951.

A private placement of flow- through shares has been arranged by Sparton Resources. The proceeds of the issue will fund exploration programs in New Brunswick.

Bresea Resources has started drilling on a 324-claim property in northwestern Quebec’s Casa Berardi area in which it holds a 50% undivided interest.

Campbell Resources has completed a previously announced refinancing with Great Lakes Group Inc. consisting of a $15-million term loan and an operating facility for $5.5 million. Funds have been used to retire existing debt and increase working capital.

Drilling has started on Galveston Resources’ Operation Wawa property, northeast of Wawa, Ont. To date, five holes have been collared.

An exploration program is scheduled to start shortly on claims held by Parklane Technologies, 240 km northeast of Yellowknife, N.W.T. The work will follow up a geophysical survey completed in December, which outlined an anomaly associated with a felsic volcanic unit. Diamond drilling is scheduled to start in June.

The Parklane property covers 11 km of felsic volcanic rocks which strike south from the Salmita gold mine, located 13 km north of the Parklane claims. Salmita is a high grade producer, operated by Giant Yellowknife Mines.

A reserve calculation has been completed by Monk Gold and Resources for a section of the company’s property near Wawa, Ont. Possible reserves in the B zone total 50,000 tons grading approximately 0.34 oz gold per ton. This reserve is confined to a zone striking for 112.5 m and dipping to a depth of 115 m. The average width is 1.7 m.

Malartic Hygrade Gold Mines has given notice that an 11th dividend of 10 cents has been declared, payable on Feb 16 to shareholders of record on Jan 14.