A Toronto-based junior mining company, Spirit Lake Explorations, inactive for many years prior to being revived in 1986, was recently listed for trading (symbol sel) on the Montreal Exchange. The company, incorporated in 1936, has two properties, the 41- claim Edwards prospect in Jacobson Twp. in northern Ontario, 20 miles northeast of Wawa, and a 44-claim prospect situated in the North Spirit Lake area, Red Lake region, of northwestern Ontario.
Funding totalling $975,000 has been arranged by the company through deals involving two limited partnerships and a private placement.
Spirit Lake says it intends to use about 70% of the proceeds for an exploration program on the Edwards property, with the remaining 30% to be used for working capital. There are no exploration plans at present for the North Spirit Lake area property.
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