COATS Trading Features (December 26, 1988)

Recently revived Young-Shannon Gold Mines has arranged a private placement of flow-through shares in the amount of $300,000 at $1.00 per share to fund work on its gold property in Chester Twp., north of Sudbury, Ont. The company says a comprehensive exploration program will commence immediately. Old underground workings on the property are estimated to contain some 7,000 tons of gold mineralization grading between 0.30 oz and 0.50 oz gold per ton. Shares of tightly held Young-Shannon traded in the 70 to 80 range this week. Golden Tanager Resources is selling its 22-claim Magpy property to Bond Gold Canada Inc. The Magpy property is located about 18 km northwest of Bond’s Golden Patricia mine. The deal, subject to formal agreement, will give Bond the right to earn a 100% interest in the property by spending $100,000 on exploration and making cash payments totalling $30,000 over three years. Golden Tanager is down slightly on the week at $1.25 bid and $1.75 ask.