News in Brief (April 20, 1987)

Augustus Resources has changed its name to Croesus Resources on a 1-new-for-2-old share basis.

Kenridge Mineral Corp. has changed its name to Pacific Kenridge Ventures, Inc. on a 1-new-for-2-old share basis.

Vse-listed U.S. Precious Metals Inc has arranged a private placement of 100,000 shares at $2.85. The placement entitles, the placee, Multiple Opportunities Fund, to purchase up to 50,000 additional shares at $3.10 within one year. The company’s shares traded this week at about $3.

Noranda Exploration has an option to acquire a 60% interest in nine patented mining claims of Canarchon Holdings, in Macklem Twp., near Timmins, Ont. Noranda will spend $100,000 on exploration in the first year under the terms of the option, and may elect to spend a further $900,000 over four years to earn its interest. The property would then be operated as a joint venture, with Noranda as operator.

Geophysical work has been completed on T & H Resources’ 130- claim property in the Casa Berardi area of Quebec by Tenore Oil and Gas. Tenore can earn a 50% interest in the property by spending $1 million over a 4-year period. The company proposes to do follow-up diamond drilling this spring.

For the year ended Dec 31, Toronto-listed Liberian Iron Ore posted a net profit of $8.9 million or $2.27 per share compared with a net profit of $9,658 or $0.002 per share in 1985.