Assets of Lyon Lake Mines (ME) stood at $2.5 million at the end of 1987, with liquid assets totalling $700,000, the company reports.
During 1987, the company completed two public financings worth a combined $1.9 million and signed a joint-venture agreement with Mosquito Consolidated Gold Mines (VSE) whereby Lyon Lake may earn a 50% interest by spending $6 million on exploration work by Feb 28, 1990.
The company says the recent extension (to the end of 1988) by the federal government of the 33 1/3% deduction for exploration expenses, will allow Lyon Lake Partnership (1988) and Co. Ltd. to reach the maximum amount of the issue, which was set at $8,285,000.
Lyon Lake says it will use the funds for exploration work at the Mosquito project and at two gold properties in Quebec.
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