Exploring the former Ladner Creek gold mine near Hope, B.C., is Carolin Mines which recently began a $200,000 drilling campaign on the property. Last month, the company completed a debenture financing worth $875,000(US). The funds were raised by a European syndicate. Carolin has about 43 million shares outstanding and filed for bankruptcy last June. But, the company says it expects to satisfy all the terms of the bankruptcy proposal shortly. Carolin traded in the range of 38-70 cents this week on a volume of 570,800 shares.
Swansea Gold Mines, an inactive junior company, is being taken over by Sandhurst Mining of Australia. The latter company plans to put its Montana gold projects into Swansea for further development. One of the projects has geological reserves estimated at 4.3 million tonnes at 2.8 g gold per tonne, while the other has both placer and bedrock gold potential. With no trades, the bid- ask for Swansea was 10-15 cents .
Exploring a remote copper- molybdenum prospect in northern Quebec, Windy Mountain Explorations saw 96,000 of its shares change hands in the $2.25-2.65 range this week. The company recently completed an 11-hole drill program on its MacLeod Lake copper property, and plans to do geophysics and more drilling later this winter.
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