A Vancouver junior appears to have caught the eye of Placer Dome Inc. (TSE). The large gold producer recently purchased 150,000 shares of Alban Explorations Ltd. (VSE) at $1.00 per share, which Alban says will allow it “to proceed more efficiently and aggressively with the acquisition of additional precious metal properties of merit.”
Alban has agreed in return to grant Placer Dome a first opportunity to enter into joint ventures on any of its properties. Last week Alban President Hiro Ogata announced the appointment to its board of Lawrie Reinertson, senior vice-president exploration for Placer-Dome.
Ogata said Alban would be directing a good part of its exploration efforts in Nevada, particularly within the general area of the Golconda-Getchell Trend which hosts several major gold deposits. The area is being actively explored by Battle Mountain Gold, (TSE) St. Joe American and B.P. Minerals, America.
Alban already has an agreement to purchase 100% of the 4,000-acre Ridgecrest property located on the southern extension of the trend, and plans a geochemical survey and surface trenching to be followed by percussion drilling of selected targets.
The company is also involved in a 50/50 joint venture with Noranda Exploration on the Hislop gold property about 45 miles east of Timmins, Ontario.
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