La Fosse Platinum Group, a company set up specifically to look for platinum group metals in the Labrador trough area near Schefferville, Que., in its first quarterly report says it has completed $5 million worth of exploration.
“We have made a satisfying number of discoveries which we will report on when the necessary assay results are received,” says President Peter Ferderber in a letter to shareholders discussing the company’s affairs for the three months ended Aug 31.
Ferderber says work has concentrated on the Blue Lake division where three surface diamond drills are operating. Work is already proceeding underground and the company has decided to drive an additional 400 ft of lateral work.
La Fosse has also started the process for a takeover of the assets of Retty Lake Resources which it expects will add a potential $3 million before taxes to the company’s assets.
La Fosse is listed on the Toronto and Montreal stock exchanges.
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