Westmin, Colony boost reserves at Blue Moon bet

Reserves at Westmin Resources’ Blue Moon project in California have increased by about one-third following a drill program. They now stand at 4.1 million tons (probable and inferred) grading 0.06 oz gold, 2.5 oz silver, 1.2% copper, 0.44% lead and 9.6% zinc. The property falls under a joint- venture agreement with Colony Pacific Explorations.

The reserves occur in the Main and West zones, both of which are open along strike and down dip. Westmin currently has a 25% participating interest in the project although it can earn 50% by spending another $723,575 before Dec 31, and a further $1.5 million prior to Dec 31, 1988. In addition to its present interest, Westmin holds a 7.25% net profits interest for past expenditures of $4.2 million.