An offering to raise $2.4 million in flow-through funding is being made by Kimex Resources (ME) for exploration work. The company, which has interests in 11 properties (eight are wholly-owned), plans to spend the funding on six projects, three each in Quebec and Ontario.
In Quebec, Kimex may earn a 40% interest in the Pershing property, located 30 miles east of Val d’Or and held by Sphinx Exploration (ME), by spending $1 million on exploration work by February, 1990. The other two property interests are the Cadillac, located about six miles from the producing Doyon mine, and Noyon-Le Tardif, situated in the Matagami area and held by Noranda Inc. (TSE).
In Ontario, the company may earn a 50% interest in the Wottam Lake property held by Mirandor Exploration; Kimex may earn its interest by spending $750,000 on exploration work on the property, located about 65 miles east of Pickle Lake, by February, 1990. The other two property interests are claims located 27 miles east of Timmins, and the Newman, located 12 miles northeast of Cochrane.
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