Hardrock and partners face financing hurdles

The trio of companies controls a large group of claims along strike from several past producing gold mines at the Geraldton camp in northern Ontario.

“I believe, now more than ever, we have to work hard to make these companies go,” President Michael Malouf told shareholders at the recent annual meeting.

“The problem is our shares are so low and the market is so bad that I don’t believe we can float a new issue,” he said.

Malouf hopes to raise about $3 million by way of a private placement to fund underground exploration on gold zones at the 78-claim Hardrock Extension property.

The company envisions sinking a 3,000-ft exploratory decline commencing south of the “Porphyry zone,” passing under the “VG zone” and arriving ultimately under the “Discovery zone” at a vertical depth of 650 ft.

To date, Hardrock has completed some 49,700 ft of diamond drilling in 73 holes on the property. Expenditures on the Hardrock property last year totalled $1.7 million.

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