Shareholders of Vancouver-listed Consolidated Reactor Uranium Mines have approved the take-over of their inactive, indebted company by Mineral Commodities Limited Group (mclg), formerly Woodsreef Mines, of Tamworth, Australia.
When all is approved by regulators, probably in about two weeks, the junior will have a new name, Canaustra Gold Exploration. “This clearly reflects the direction we’ll be taking the company,” mclg managing director David K. Barwick tells The Northern Miner.
Together with another Australian company, Natquest Ltd., which is 33%-held by mclg, Mr Barwick says they intend to actively acquire gold exploration properties in Canada, especially in the relatively frontier province of Newfoundland.
The company now has a total of 355 claims in a number of seperate blocks of ground covering favorable ophiolite sequences which host a number of former gold producers on the Baie Verte Penninsula of Newfoundland and has a 79-claim block northwest of White River, in the Hemlo area of Ontario.
Some $100,000 has been budgeted for grassroots work on the Hemlo property this summer. That work should bring the property up to the drilling stage in time for freeze-up.
No budgets have as yet been set for the Newfoundland properties but flow-through financing will likely be used.
Subject to approval, mclg will hold about 34% of the 4.6 million outstanding shares of Canaustra.
Both Woodsreef Mines and Consolidated Reactor were previously controlled by Transpacific Resources Inc. of Toronto.
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