Following the completion of an amalgamation between Noramco Mining Corp. and affiliate companies Highland-Crow Resources and Emerald Lake Resources, effective Jan 1, Noramco will be exposed to gold production of almost 40,000 oz per year, this output coming from Emerald Lake’s Golden Rose mine near North Bay, Ont.
The amalgamation was on the basis of one share of Noramco for each share of Emerald Lake and Highland Crow held. Following the amalgamation, Noramco has issued and outstanding 15.5 million common shares.
By 1989, Noramco hopes to have the Pickle Crow property near Pickle Lake, Ont., in production. Hosting reserves of 7.3 million tons grading 0.226 oz gold per ton, the Pickle Crow deposit represents the largest gold resource in Noramco’s property portfolio.
With cash of $31.6 million and no long-term debt, Noramco is in a strong
financial position to benefit from the many acquisition opportunities which have arisen following the market crash last year.
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