The decision by Fairfield Minerals (TSE) President John Stollery to retire has prompted the company to consider a merger or joint venture with another company or companies.
Stollery cited health problems and a wish to spend more time with his family as reasons for his departure.
Fairfield’s principal asset is its wholly owned Siwash property near Merritt, B.C. Open-pit mining, from 1992 to 1994, produced 47,000 oz. gold, and underground test mining in 1994 netted another 3,750 oz. gold.
Beginning in May, Fairfield will carry out a 20,000-ft. drill program at Siwash in an effort to expand reserves.
At last report, the Siwash deposit contained an open-pit resource of 12,500 tons grading 1.72 oz. gold per ton, a diluted underground resource of 22,300 tons grading 0.78 oz. gold, and a possible underground resource of 99,000 tons grading 0.69 oz. gold.
Fairfield has no debt, $8 million in cash and stockpiled gold, and 7.7 million shares outstanding.
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