Exploration ’88 LAC

In 1988, Lac Minerals will spend $13 million on exploration including $5 million at existing mining operations. Exploration expenditures in 1987 were $27 million because of the proceeds from a $10-million flow-through issue. Most of the 1988 funds will cover gold exploration in a number of different areas, including Quebec, Ontario and British Columbia. The company will continue to re-examine the Geraldton, Red Lake, Kirkland Lake and Malartic gold camps, where Lac has (or has had) producing mines. In addition, $1 million will be spent for surface drilling in the Warrenmac area on the east side of the Doyon mine property. Also, deep drilling will be continued under the Doyon mine to follow up gold intersections encountered in 1987. At Macassa, $2 million of underground and surface drilling will test for possible mineralization north of the main structure that now is being mined. At the company’s newest property, the Toqui mine in Chile, development drilling will delineate further zinc reserves.

Exploration is carried out under the name of Lac Minerals and its wholly- owned subsidiaries in the U.S., Australia and Chile. Regional exploration offices are in Malartic, Que.; Kirkland Lake, Ont.; Vancouver, B.C.; Reno, Nev.; Fort Collins, Colo.; and Santiago, Chile. A divisional head office is in Toronto. As in the past, Lac will continue to concentrate its efforts on its valuable North American exploration properties, as well as on a few select foreign properties.