News in Brief (June 22, 1987)

Tyranex Gold reports it has acquired three properties comprised of claims in Knight, Deloro and Pifher twps., Ont. Aggregate consideration for all three properties, the company says, was $10,400, payable in cash, and issuance of 200,000 common shares from treasury.

Rainex Resources has changed its name to Rainex Industries on a share-for-share basis.

Pacific Coast Funding and Resources has changed its name to Alliance Resources on a share-for- share basis.

Folkestone Resources has changed its name to Schmitt Industries on a one-new-for-three-old share basis.

First-quarter net earnings of $10.2 million have been reported by Saskatchewan Mining Development, compared with $6.25 million for the same period in 1986. The company says the improved value of the Canadian dollar relative to its U.S. counterpart helped boost quarterly earnings. Known as a uranium producer, the company is now into gold production with the start-up of the Star Lake gold mine during the quarter.

Giant Yellowknife Mines reported a first-quarter net income of $3.5 million (50 cents per share) compared with $469,000 (11 cents per share) for the same period in 1986. The company recovered 60,881 oz gold during the quarter, more than double the production for the same period last year.

Montreal-based Ojibway Resources has filed a preliminary prospectus with the Quebec Securities Commission for an offering worth up to $2,192,000 and involving a minimum 230 units and a maximum 685 units. Each unit includes 1,000 common shares, 2,000 warrants and one deposit receipt giving the holder the right to receive 3,000 shares. Proceeds of the deposit receipts will be used to finance Ojibway property exploration programs. Levesque, Beaubien is the agent for the issue.

After three years of negotiations with Louvem Inc., Vauquelin Mines reports it has reclaimed 18 claims in Vauquelin Twp. in northwestern Quebec.

The company is hoping to raise between $1.2 million and $1.6 million for an exploration program on the gold property located east of the Chimo mine property.

Golden Tech. Resources has changed its name to Golden Tech. Systems Inc. on a share-for-share basis.

Tangent Oil & Gas has changed its name to Pacific Star Communications Corp. on a share-for-share basis.

Little Lake Resources has changed its name to I. C. E. – Ice Factory Inc. on a share-for-share basis.

Basin Pete Resources has changed its name to Gametek Systems Inc. on a share-for-share basis.

Silver Cup Resources has changed its name to Supertech Industries on a share-for-share basis.

Consolidated CSA Minerals has changed its name to Pamorex Minerals on a share-for-share basis.