Glen Auden to buy Ventex En. shares

A joint venture agreement involving Glen Auden Resources (TSE) and Ventex Energy (VSE) has been approved by the Toronto Stock Exchange, Glen Auden said recently.

Under an agreement, Glen Auden can earn a 50% interest in a 177-claim property adjacent to the Sapawee Gold mine near Atikokan, Ont., by spending $140,000.

Glen Auden can increase its interest to 60% by earning 1% for each $30,000 spent. After spending $358,585 on induced polarization surveys, line cutting, trenching and drilling, Glen Auden holds a 56% interest in the property.

One hole intersected 28.8 ft of average 0.12 oz gold per ton and a mineralized zone has been traced for 200 m, the company said. It has located a number of gold showings in an area where previous drill holes have indicated grades as high as 0.278 oz over 17.5 ft.

According to President Thomas Skimming, the westward extension of the Sapawee Gold mine zone, which occurs on the eastern boundary of the property, requires follow up exploration.

In other news, Glen Auden has agreed to buy half of the Ventex Energy shares from Golden Range Resources for $50,000. Glen Auden has the option to buy an additional 300,000 shares at 54 cents per share from Golden Range. When the option is fully exercised, Glen Auden will hold approximately 25% of Ventex Energy’s outstanding shares.