Westgate Mines Limited of Calgary, Alta., plans to launch a major gold development approximately 50 miles northeast of Hanes, Alaska. The property is situated on the British Columbia/Alaska border, on Mount McDonnell in British Columbia.
During 1989, Westgate plans to spend $350,000 on the Mount McDonnell property. Future plans, include the expenditure of approximately $7.5 million, to prove the extent of the gold reserves. Westgate intends to engage A.C.A. Howe International to supervise the development of the property.
Westgate has recently entered into an agreement with Shira Bob Gold Mines Inc. in Vancouver, B.C., to purchase 85% of the issued shares of Shira Bob. Shira Bob has the rights to develop the Mount McDonnell property.
Westgate is planning to raise $1 million through a private placement of one million shares representing one-quarter of the company’s issued shares. Future financing is planned through the issuing of preferred shares, and/or seeking a joint venture partner to take the property into production.
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