Junior
A unit consists of one share and half a share purchase warrant, with a whole warrant entitling the holder to buy another share within a year of the deal’s closing, at 60.
Underwriter Yorkton Securities was paid a commission of $230,525 and was granted an option to acquire up to 481,300 units under the same terms for one year.
The deal brings Glencairn’s current assets to roughly $4.5 million. The company has no debt.
In June, Glencairn backed out of a deal to buy
At first, Glencairn said the decree did not appear to affect the low-grade gold deposit and that it would confirm that rights to the mine would be maintained before concluding the deal. The company changed its mind a week later, ostensibly because the Bellavista project was included after all.
All the necessary environmental approvals were given in February 2001.
Bellavista, an epithermal gold-silver deposit, hosts 11.2 million tonnes grading 1.54 grams gold per tonne. The resource can support annual production rates of 60,000 oz. for more than seven years.
Total operating costs are pegged at US$179 per oz. and capital costs at US$28 million.
Atlas maps its way to Estrades project
To do so, Atlas would exchange 1.2 of its own shares for each Western Gold share. Also under the deal, Atlas would fork over $150,000 in cash. Western Gold has about 11.6 million shares outstanding.
Key to the deal for Atlas is Western Gold’s Estrades polymetallic mine about 200 km northwest of Val d’Or, Que.
The mine complex last saw action in 1992, before being shut down due to depressed metal prices and high contract mining and toll milling costs.
A 1989 independent feasibility study at Estrades identified proven and probable reserves of 953,700 tonnes grading 5.6 grams gold, 183 grams silver per tonne, plus 0.96% copper, 0.92% lead and 10.69% zinc. About 162,000 tonnes of the reserves were mined and returned grades slightly exceeding those predicted by the feasibility study.
The due diligence study, to be completed by SRK Consulting, will seek to confirm the reported tonnages and grades and to bring them in line with current standards. The study will also aim to update costs and other economic parameters.
Preliminary operating plans call for mining at a rate of 700 tonnes per day to produce both copper and zinc concentrates. The company is also looking at the feasibility of building a mill on site.
Black Swan acquires De Beers’ Brazilian assets
Following a tender process,
A desktop economic review of the Canastra-1 project in 2000 failed to meet De Beers’ investment criteria and the project was put up for sale by tender. While no details of the grade or tonnage of Canastra-1 are available, Black Swan is confident that it has the infrastructure in place to develop the kimberlite body.
The US$1-million payment will be made in stages over the next 12 months. Black Swan has put up shares of its wholly owned Brazilian subsidiary as security for the payment and De Beers has also placed a lien over various items of equipment.
Small samples return small stones for Geodex
Vancouver-based junior
The micros came from samples weighing 7.8 kg and 5.3 kg that were collected from the Fletch North and No. 2 dykes, respectively. The 3.2-metre-wide Fletch North dyke contains abundant mantle xenoliths; the 2-metre-wide No. 2 dyke, about 3 km to the east, does not.
Samples from two of the dykes each contained one microdiamond.
Geodex is encouraged by the positive results from the limited sampling and plans further exploration aimed at tracing the extent of the diamondiferous dykes and turning up new kimberlite bodies on the properties.
The contiguous properties comprise 217 claim units for a total of 35.6 sq. km. So far 7 kimberlite dykes, some with ultramafic xenoliths, have been identified.
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