Mingold, Range in $3m. venture

An agreement has been completed between Golden Range Resources and Mingold Resources, a 100%-owned affiliate of Inspiration Resources Corp. and Minorco Canada. Under the terms of the deal, Golden Range will spend $3 million on 12 properties held by Mingold by March, 1988. Also, the company will issue three million common shares to Mingold and options giving Mingold the right to purchase an additional three million shares. In total, Mingold has the right to acquire not less than 50.1% of Golden Range.

Upon meeting the terms of the deal, Golden Range can earn a 100% interest in the Mingold properties; seven of which are in Manitoba. One of the priority projects is the Hudvam, near Flin Flon, Man. A winter drill program is planned which will attempt to increase reserves from 465,000 tons grading 0.137 oz gold per ton, 0.43 oz silver, 1.66% copper and 2.2% zinc.