A financing agreement worth $188,000 has been arranged between Orleans Resources (ME) and NIM Resources — 1988 and Co. Ltd. Partnership. To be issued are 250,667 shares at 75 per share.
The funds will be used for a drilling program at the Tangier property and also to help prepare a drilling campaign for the Renfrew property. Both projects are in Nova Scotia.
In other news, the company plans to raise $1.5 million through the sale of $1,000 units comprising common and flow-through shares. dw Normetal tailings Oct 11 should Bacterial leaching
Initial work on bacterial leaching processes to recover copper and zinc from the Normetal tailings in northwestern Quebec has been completed by Doelcam Inc.
The study, which has cost $387,000 to date, has shown that the processes to destroy cyanide consumers and extract copper and zinc values are technically feasible, Normetal Mining Exploration (ME) and La Sarre Mining Exploration (ME) report.
In preliminary tests, the companies say, it was demonstrated that 50% of the copper and 70% of the zinc can be extracted. It would not be economic, they say, to treat the whole material by bacterial leaching, but the process might have value in treating a selective copper- zinc flotation concentrate.
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