Bethlehem focus on mining

Having recently changed its name from Parkside Petroleum, Bethlehem Resources is now changing its focus from oil and gas to mining.

Headed by Henry Ewanchuk, a past president of Mascot Gold and former vice-president explorations for Bethlehem Copper, the company recently completed two private placements raising $6.4 million.

In an agreement with Campbell Resources, Bethlehem plans to purchase four mineral prospects in British Columbia in exchange for 750,000 shares.

Ewanchuk explains that the most significant is the Giant Copper (copper-gold-silver) prospect at Silverdaisy Mountain near Hope. The others are the Giant Soo (formerly Estella polymetallic mine) at Tracy Creek near Wasa; the Rancheria gold project in the Tootsee Lake area of northern British Columbia; and the Texada gold prospect on Texada Island.

Campbell retains a 1.25% net smelter return (nsr) in each mine brought into production up to a maximum 10% of capital required to bring the property to production. The nsr would take effect after capital payback or four years, whichever is first. After the maximum has been accumulated, Campbell’s interest reverts to a 10% net profit interest.

The acquisition is subject to receiving engineering reports and regulatory approval.

In addition to the new properties, Ewanchuk says the company will keep some of its oil and gas interests in Ohio which are producing a positive cash flow.