Newfields awaits further financing

The company is negotiating a private placement out of New York, results of which should be known in the near future.

Newfields has been working on two projects, both involving Teck Corp. (TSE) and the old Lake Shore No 5 shaft, use of which was obtained by Newfields in a leasing agreement with LAC Minerals (TSE).

The No 5 shaft allows access at about 3,000 ft along an existing level to the Teck-Hughes and Kirkland Basin properties. Main exploration target on the Teck-Hughes property is a section of the Narrows Break, while on the Kirkland Basin property the main target has been the No 29 vein.

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