Sarmin Exploration, a private Ontario company with an exploration portfolio in the Dominican Republic, has begun trading publicly following a reverse-takeover of Quebec-based
Montreal-listed Boreal issued Sarmin 64.1 million shares, representing 72% of its share capital. Upon closing, the new companies agreed to consolidate their shares on a 5.4567-to-1 basis, reducing the number of outstanding shares to 16.3 million. In early December 2000, a transmittal letter was sent to all shareholders, notifying them that Boreal share certificates could be traded for the new TGW shares.
Sarmin owns Corporacion Minera Dominicana (CMD), a former subsidiary of
The Managua concession hosts the Cerro Kiosko deposit, which contains indicated resources totaling 4.9 million tonnes grading 1% copper, plus 2 grams gold and 5.06 grams silver per tonne. The Dona Amanda deposit, on the Rincon Abajo concession, contains inferred resources of 45.5 million tonnes averaging 0.45% copper plus 0.14 gram gold. Drilling on the Dona Loretta zone cut up to 2.03% copper and 0.3 gram gold over 24.1 metres. A 1.5-by-3.5-km zone anomalous in gold lies in the central part of the Trinidad concession. The three concessions are contiguous and form a large hydrothermal system in the Los Ranchos formation.
Upon closing of the reverse-takeover, Boreal changed its name to TGW Corp. The new company resumed trading on the Montreal Exchange in early January under the symbol (gwc). Sarmin’s president, Larry Ciccarelli, and its chief financial officer, John Iannozzi, have joined TGW’s board of directors.
TGW plans to spend more than $700,000 exploring CMD’s concessions over the next seven months.
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