Sulphurets Gold currently owns 100% of the Kerr property where a porphyry deposit was discovered and outlined last season. The deposit is reported to contain in excess of 66 million tons grading an average of 0.86% copper and 0.01 oz gold per ton.
Sulphurets Gold is owned about 74% by Western Canadian Mining (VSE), which is held about 35% by Brinco and about 19% by Cassiar Mining (TSE).
Western Canadian Mining in turn has about a 32% stake in Brinco, which also owns Quinsam Coal, a coal mining operation in the start-up phase on Vancouver Island, British Columbia.
In return for its $500,000 contribution to Sulphurets Gold’s 1989 exploration program on the adjacent Kerr and Tedray properties, CMP will receive 714,285 common shares of Sulphurets Gold. Brinco will also provide $500,000, but will earn a 7.7% interest in the mineral properties owned by Sulphurets, including the Kerr property.
These funds will primarily be used for diamond drilling to expand reserves at the Kerr deposit. Geophysical work is also planned.
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