Wilanour Resources (TSE) recently announced that a meeting of its shareholders and those of its subsidiaries, Annco Mines and Wilmar Mines, has been called for Dec 28. The meeting will consider the proposed amalgamation of the three companies into a continuing corporation to be called Wilanour Resources Ltd.
If the amalgamation is approved, Wilanour shareholders will receive one share of the continuing corporation for each Wilanour share held. Shares of Annco and Wilmar will be exchanged using ratios of 5.1:1 and 2.4:1, respectively.
The Wilanour Partnership’s properties are located at Red Lake, Ont., and are currently the focus of an $8.9-million exploration program by Inco (TSE).
The interests in the joint venture are currently held 50% by the operator, Inco Gold; 30% by Wilanour Resources; 12.5% by Pronto Exploration Ltd. (TSE); and 7.5% by Robert Fasken.
The joint venture has already initiated an underground exploration program which involves dewatering the existing shaft and the investigation of four mineralized zones, where a potential for some one million tons grading 0.25 oz gold per ton was indicated by previous work.
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