A drill program is planned by Adonos Resources (VSE) and Starmin Mining (TSE) for their copper-gold project in the Philippines to test, in part, the deposit’s strike extension.
As well, the program will test material from the oxide cap for recovery of copper by leaching methods, test the gold-silver content and perform follow-up work on stream sediment and soil anomalies.
Adonos applied to The Toronto Stock Exchange for a listing and expects to be listed on the exchange this month. The parent of Adonos, Black Cliff Mines (TSE), recently agreed to make a private placement of 160,000 units (shares and warrants) at $1.85 per unit. Each warrant will entitle the owner to purchase one additional share of Adonos at $2.1275 by May 24, 1993. Black Cliff has an agreement with a third party to sell privately 160,000 shares of Adonos from its holdings at $1.85 per share to finance the above placement.
Starmin says it has completed a placement of 312,500 special warrants for gross receipts of $225,000. Proceeds will be used mainly for the Philippine drilling program, the company says.
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