A Toronto-based mining company figures to share in the profits when Minnova Inc.’s rich Ansil copper mine in northwestern Quebec goes into production (N.M., Sept 14/87) at the end of 1988 or beginning of 1989.
Ansil Resources, which optioned the property to Minnova, retained a royalty payout equal to 20% of the first $2 million of the net proceeds and 7.5% of th e balance of the net proceeds.
The Ansil copper-zinc-silver- gold project, located in the Rouyn- Noranda area, will have a 4-year lifespan based on current reserves.
Ansil Resources trades on coats; its shares were recently selling in the $2.10 range.
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