Exall’s two main exploration properties are its Gold Eagle claims at Red Lake, and the Terraine columbium/niobium project at Moosonee, Ont.
The company said 1989 was a year in which management tried to focus on an acquisition strategy, but not much progress was achieved. Bids were made on two oil and gas companies and one refining company, but Exall was unsuccessful in concluding a deal on any of those prospects.
President Steven Roman said his company was unable to obtain its desired acquisitions because “unrealistic market conditions prevailed during the year, and the frenzy to take over companies often clouded economic realities.”
Through its wholly owned subsidiary, Exall Resources U.S., the company participated in the refracturing of a number of its petroleum wells in Texas. Oil production was increased in the reworked wells, and other candidates for workover are being reviewed.
Exall is an affiliate of Toronto- based Denison Mines (TSE) which owns about 30% of the company’s 4.8 million outstanding shares.
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