Kingswood to buy out private firm

Kingswood Explorations (ASE) has offered to purchase all of the issued and outstanding shares of Fort Rupert Resources (a private company). Under the offer, which is subject to regulatory approval, each Fort Rupert shareholder would be given one share of Kingswood for 2.5 Fort Rupert shares.

Fort Rupert has a 50% interest in the Lac Marcaut property, about 125 miles north of Matagami, Que. Grab samples taken from an exhalite horizon exposed along a strike length of 260 ft. on the 101-claim property returned assays as high as 3.74 oz. gold and 5 oz. silver per ton.

Teck (TSE) can earn a 70% interest in the property from Fancamp Resources (VSE) and Fort Rupert by spending $2.5 million over six years and making cash payments totalling $300,000.

Fort Rupert also has 51 claims surrounding Inco Ltd.’s Horden Lake deposit, which contains reserves of five million tons grading 1.47% copper, 0.4% nickel and 0.02 oz. gold per ton.

The private company has about 3.5 million shares outstanding.


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