Lacana boosts Mascot interest

Recently boosting its holdings in Mascot Gold Mines to 50.3% (from 49.1%), through the acquisition of about 560,000 shares, was Lacana Mining of Toronto.

Lacana says it acquired the Mascot shares (both companies are part of the Royex group) for investment purposes and may acquire more shares to maintain its holdings at not less than 50%.

Lacana purchased a large portion of the above shares from Royex Gold Mining in return for about 406,000 treasury shares of Lacana. Royex’s ownership of Lacana has increased from 43.5% to 44.5%.

Also, Royex has sold to Mascot its total shareholding (1.45 million shares) of Golden North Resource of Vancouver, giving Mascot a 26% interest in Golden North. (Mascot in return gave Royex 450,000 of its shares, which Royex, as explained above, sold to Lacana.)

As a result of the transactions, Royex now has no interest in either Golden North or Mascot.

Golden North owns 106 claims around Mascot’s Nickel Plate gold mine near Hedley, B.C.; the company also has oil and gas interests and substantial cash reserves.

Golden North says it plans to purchase, subject to regulatory approval, Mascot’s 57.54% interest in the Bralorne gold property in British Columbia in exchange for 1.5 million Golden North shares. The deal would increase Mascot’s interest in Golden North to about 42%.