News in Brief (May 25, 1987)

Mark Resources recently completed its previously announced $50.3 million financing. The Calgary based company has received receipts for the final prospectus qualifying the common shares and debentures to be issued on its previously issued special warrants.

Approximately $25 million will be applied against Mark’s long term debt, with the balance to be added to capital to increase Mark’s asset base.

Corrie Resources has changed its name to Golden Seven Industries Inc. on a share-for-share basis.

Sullivan Mines reports a loss for the three months ending March 31 of approximately $1.5 million (16 cents per share), compared with a loss of $123,000 (1 cents per share) a year earlier. Loss before extraordinary item is $1.6 million (17 cents per share), compared with a loss of $135,000 (1 cents per share) in 1986. Sullivan attributes the quarterly loss to operating problems at the Valdez Creek placer mine in Alaska.

Azure Resources has changed its name to Consolidated Resources Ltd. on a one-new-for four-old shares.

Teck Corp. has announced its regular 10 cents per share semi-annual dividend, plus a 3 cents per share extra dividend, payable June 30, 1987 to class A and B shareholders of record June 15.

Montreal-listed Gordex Minerals says it will raise $1.4 million through the private placement of convertible subordinated notes, subject to regulatory approval. In the event of qualification by prospectus of the common shares to be issued upon conversion, the notes will be automatically converted on the basis of one common share for every $2.35 of princpal.

The shares of Ressources Minieres Eider were posted for trading on the TSE recently under the stock symbol eid.a. The listing is in the mining category for 8,272,863 common shares, class A, of which 3,350,200 shares are issued and outstanding and 4,922,664 are reserved for issuance.

The common shares and warrants of Pamorex Minerals (formerly Consolidated CSA Minerals) started trading on the TSE recently. The listing is in the mining category for 18,012,202 common shares, of which 13,522,046 shares will be issued and outstanding and 4,490,156 shares will be reserved for issuance. There are three million warrants listed. Each warrant entitles the holder to purchase one common share of the company at a price of $2.75 per share on or before may 1, 1989.

Duration Mines recently completed a private placement of 100,000 shares at $1.80 per share with Goldcorp Investments of Toronto. The company is continuing with diamond drilling and reverse circulation drilling on its Casa Berardi property in Quebec. Duration also plans to dewater and rehabilitate the main shaft for the Theresa gold mine project at Longlac, Ont., with the work expected to begin this spring. The project is a 50/50 joint venture between Duration and Locator Explorations.

Novagold Resources of Halifax, N.S., has filed a preliminary prospectus with the Toronto Stock Exchange, the Ontario Securities Commission and other regulatory authorities for an offering of units, each unit consisting of one common share and two flow-through common shares. The company, which has applied for a listing on the tse, expects to raise $2.5 million. Agents are Midland Doherty and Lynch Investments and it is expected the offering of shares will be made in Manitoba, Ontario, New Brunswick, Nova Scotia, P.E.I. and Newfoundland. The funds will be used for exploration of gold properties in eastern Nova Scotia.

Southern Lights Resources has changed its name to Balsam Resources Inc. on a 1-new-for-3-old share basis.

The first phase of a diamond drilling program at Noble Peak Resources’ Happy Lake project, southwest of Rankin Inlet, N.W.T., is proceeding on schedule.

This phase of drilling is directed at the evaluation of ten zones of gold mineralization identified in the company’s l986 program of surface mapping and sampling. The drill program is said to be geologically very encouraging and assay results are pending. Samples are being processed at X-Ray Laboratories in Toronto.