News in Brief (January 22, 1990)

St. Genevieve Resources (TSE) and Gold Vessel Resources (ASE) have reached an agreement with the Societe en Commandite Miniere L.H. 1989 for financing worth $465,000 and $930,000, respectively. In return, St. Genevieve and Gold Vessel will issue shares to the Societe at $2.20 and $1.12, respectively. The companies must spend the proceeds, targeted for exploration work, by March 1.

Exploration Aumisko has changed its name to Ressources Granisko (GKOA:ME) on the basis of one new class A share for two old class A shares. Transfer agent is Central Guaranty Trust.

Societe Miniere Sphinx (ME) raised $150,000 in a private placement with Pierre Lessard in return for 180,722 A shares. The company plans to use the proceeds for further exploration at its Cadillac property in northwestern Quebec, where Noranda Exploration is its joint venture partner. The placement is subject to regulatory approval.

Falconbridge (TSE) says its Falcondo operation in the Dominican Republic experienced a run- out Jan. 6 on one of its two electric furnaces. Preliminary estimates placed losses at one million pounds of contained nickel production. Repairs were expected to take 7-10 days.

Asitka Resource Corp. has changed its name to Orenda Forest Products Ltd. (OFP:VSE) on a share-for-share basis. Transfer agent is Montreal Trust.

Noranda (TSE) has increased its interest in Brenda Mines (TSE) to 69% through stock purchases on the TSE totalling 116,400 shares and by buying 803,600 shares in private agreements. Noranda now owns about 3.4 million shares of Brenda and says it may acquire additional shares.

Alcan Aluminum (TSE) announced a public offering in the U.S. of US$100 million of 9 1/2% debentures, due 2010. The debentures are priced at 98.99% of their principal amount to yield 9.62%. Morgan Stanley and First Boston are co-underwriters of the offering. The debentures are redeemable at Alcan’s option commencing Jan. 15, 2000.