EXPLORATION 1997 — Highwood acquires Thor Lake

A transaction with two private companies has enabled Highwood Resources (HWD-T) to acquire 100% of the Thor Lake beryllium property in Canada’s Northwest Territories.

To date, about $12 milllion has been spent at Thor Lake by Highwood and previous owners. The work — which included underground and surface exploration, metallurgical testwork, and a feasibility study in the late 1980s — established a mineral inventory (resource) of 500,000 tons grading 1% beryllium oxide and process technology for recovery of a marketable beryllium production.

Highwood is pursuing development plans for production from the Thor Lake property. As part of this effort, the feasibility study is being updated to take into account recent developments in the beryllium and specialty minerals industry.

The company acquired the interests held by other parties in return for a 3% net smelter return royalty on all production from the property.