International Curator plans to buy Granges’ interest in Jualin

With 10,750 ft. of an ongoing 20,000 ft. drilling program complete, International Curator Resources (VSE) hopes to exercise its option to purchase the 40% interest in the Jualin property owned by Granges Exploration (TSE). Granges, which earned the interest through property expenditures, will receive $2.55 million for its stake. Completion will depend on International Curator’s ability to raise the money.

Mike McInnis, president of the company, said he was looking at a number of financing alternatives including a possible merger with a “cash-rich but property-poor” company. He did not, however, specify any names.

Placer Dome (TSE), which is earning a 50% interest in the property by spending $7 million, has the option to purchase an addition 10% of the property for $1.275 million if International Curator exercises the Granges option.

McInnis noted that Placer would have 30 days after completion to exercise. He expects Placer to exercise the option but noted that Curator’s purchase is not contingent on Placer’s actions.

The last preliminary reserve estimate of the Jualin property, near Juneau, Alaska, was about one million tons grading 0.31 oz. per ton.

The current program of infill drilling is designed to prove up previously reported reserves. The company said all the holes in the program intersected what it described as significant widths of stockwork veining accompanied by quartz-pyrite-ankerite alteration including some visible gold, although no assays have been released.