News in Brief (December 08, 1986)

Agassiz Resources reports a profit of $962,387 on revenue of $17,693 ,661 for the year ended June 30 compared with $1,932,156 on revenue of 13,588,194 for the same period in 1985. For the 3-month period ended Sept 30 the company reported a profit of $91,152 on revenue of $3,555,529 compared with a profit of 238,210 on revenue of 4,346,176 for the same 3-month period a year earlier.

Lenora Explorations has requested delisting of its shares from the A lberta Stock Exchange. Effective date was Nov 21.

Denison Mines and the Egyptian government have officially opened a $50-million pipeline which will carry oil across 166 km of desert to the Mediterranean port of El Hamra. The pipeline uses state-of- the-art fibre optic communication cable to monitor and control its operation and is large enough to eventually carry 140,000 bbl of oil per day and will serve Denison’s Meleiha oil field and other nearby fields.

Campbell Resources reports a net profit of $110,000 for the 3-month period ended Sept 30 compared to a loss of $673,000 for the same period a year earlier. The company is changing the end of its fiscal year from June 30 to Dec 31, so the latest 3-month period is the first half of a fiscal period that will end Dec 31.

The shares of newly listed Pronto Explorations were posted for tradi ng on the TSE on Nov 28. The company has an option agreement with Canadian Nickel Co. which will permit the company to earn a 50% interest in the Solomon Pillars property, near Jellicoe, Ont., by spending $1 million on exploration over a 4-year period. Pronto also holds a leasehold interest in Fischell’s Brook potash project in Newfoundland.

Iori Enterprises has agreed to purchase 276 claims in Abitibi Cty., Que., from Noramco Capital Corp. Richard Youell and Alexander Latiff have resigned from the board and Bruce MacDonald and Raymond Cottrell have consented to act in their place. Iori plans a name change to Golden Band Resources Inc.

York Petroleum has changed its name to Winzen International Inc. on a share-for-share basis.

Eider Mining Resources says it has intersected a mineralized zone on its Lac Rose property in northwestern Quebec with one section over 4.9 ft grading 0.066 oz gold per ton.

Adventure Energy, Artesian Petroleum, Black Marlin Energy, Lorcan Resources, Sunmask Petroleum and Tracer Resources were delisted from the VSE in late November.

Nevcal Resources has changed its name to Arapahoe Mining Corp. on th e basis of 1 new for 2 old shares.

Hanson Mineral Exploration has acquired, subject to a 2% net smelter return, a gold property in Guibord Twp., about 12 miles southeast of Matheson, Ont., for 30,000 shares. Hanson is being revitalized under the same management as McAdam Resources and is seeking financing.

Duncan Gold Resources has optioned a 50% interest in 105 claims in t he Tib Lake area of northwestern Ontario from the Madeleine platinum joint venture. Duncan must pay $50,000 up front, issue 200,000 shares to the joint venture and is obligated to spend $250,000 within a year plus another $250,000 in the second year

Farboro Resources has acquired the Berry-Desboues property in the Jo utel area of northwestern Quebec where several gold-bearing zones of mineralization have been identified. The company plans to raise $1.5 million in a public financing to fund exploration on the property and the company’s three other prospects.

Tri-Star Resources and Battle Energy have agreed to amalgamate, effe ctive Dec 31 under the name United Tri-Star Resources. Battle shareholders are to receive 1 new share for 21.36 old shares and Tri- Star shareholders are to receive 1 new share for 5 old shares.

Ashlu Exploration, as part of its debt reorganization, plans a name change to Trego Capital Corp. and a share consolidation on a 1-for-10 basis.

Shares of Roddy Resources have been delisted from the VSE at the req uest of the company.

Place Gas & Oil Co. has changed its name to Place Resources and the common shares of the new company have been designated as Class A common shares.

Shareholders of Trio-Archean Development have ratified the change in control to Copetrex Oil & Gas Co., and the conversion of all shares into one class of voting common shares. Further, they approved the sale of Trio-Archean’s U.S. subsidiary, which holds substantially all the company’s fixed assets and $625,000(US) in debt, to Copetrex. The company plans to settle the remaining $184,000(C) in debt by the issue of shares or a convertible debenture.

Canada Northwest Australia Oil N.L. has changed its name to National Venture Corp. N.L. on the basis of 1 new share for 4 old shares.

Xanaro Technologies Inc. has changed its name to Canadian Industrial Minerals Corp. on a share- for-share basis.