Golden Terrace seeks joint venture partner

Golden Terrace Resources (TSE) expects to have a senior mining company take on a joint venture partnership this summer on its Richardson Lake gold property in northwestern Ontario.

At the company’s annual meeting President Garry Smith says the joint venture partner will “probably take over the project completely.” That would be in line with Golden Terrace’s corporate philosophy that its expertise lies in exploration and a partner is required to carry the project to the production stage.

Smith said a number of companies have expressed an interest in the property but that three companies seem to be seriously looking at a joint venture arrangement. He said an agreement in principle should be reached by the end of June.

Geologically inferred reserves on the property stand at 700,000 tons grading 0.2 oz gold per ton. A gold- bearing zone has been traced over a strike length of about 1,000 ft and is open at both ends and below the 500-ft horizon.

The company has recently raised $500,000 in flow-through financing and has about 1.3 million warrants out, exercisable until June 30 at 60}. The company’s stock recently traded at about 70}.

In 1977 the company completed 30,000 ft of drilling on the property. The most recent financing is expected to fund another drilling program of 5,000-7,000 ft.