Moss-Power, NAR buy Pickle Lake bets

North American Rare Metals (ME) and Moss-Power Resources (TSE) have agreed to purchase the remaining 41% interest in the Dorothy Lake and Dobie River properties near Pickle Lake, Ont. The interest, currently held by Graph/max (formerly Osisko Lake Mines) and the Muskeg Syndicate, will give each of the two companies a 50% interest in the gold properties.

In return, Graph/max will receive 39,300 shares of North American at 32 cents per share and 166,667 shares of Moss-power at 7.5 cents per share. The Muskey syndicate will receive $3,770 and retain a 3% net smelter royalty.

North American and Moss- Power have agreed to divide the Dorothy Lake property into a north block (28 claims) and a south block (24 claims). North American will hold a 100% interest in the north block, while Moss-Power will control the south block. Both companies will have a 40% back-in right to each other’s properties until June 30, 1995.

Exploration is in progress on both claim blocks.