The controlling shareholder of Wilanour Resources, American Barrick Resources, is selling its 67% in the company to Robert Fasken and an unnamed “major mining corporation.” Mr Fasken has interests in several junior mining corporations, including Grandad Resources and Pronto Explorations.
The agreement is subject to the satisfaction of certain conditions prior to closing, including the approval of Wilanour’s bankers, the Toronto Stock Exchange and other regulatory authorities.
The sale is expected to be completed by Aug 20. The new owners have agreed to spend a minimum $500,000 on exploration and development in a joint venture on Wilanour property in the Red Lake area of northwestern Ontario by the end of this year. Wilanour is a former gold-producing company.
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