Golden North cuts ties with Corona

Now that all ties with Corona (TSE) have been severed, associated companies Golden North Resource (TSE) and Hedley Pacific Mining (VSE) are looking for new projects either in the mineral exploration or petroleum industries. The associated companies ended their respective relationships with Corona by selling various claim groups adjoining Corona’s Nickel Plate Mountain gold mine at Hedley, B.C.

Golden North sold 19 claims, subject to a retained royalty, to Corona, while Hedley Pacific (owned 35% by Golden North) sold three claims. Corona transferred 1.45 million shares of Golden North and 325,000 shares of Hedley Pacific to Golden North, and three Corona appointees to the boards of both junior companies resigned.

Golden North has $4.1 million in uncommitted operating capital while Hedley Pacific has annual petroleum income and $117,000 in uncommitted working capital.