News in Brief (August 22, 1988)

Robex Resources (ME) has signed an agreement, in principle, with Maufort Resources (ME) which allows Robex to buy back up to 13% of its capital share and up to 21% of the capital share of its sister company Veinor Resources (ME). The agreement is subject of approval by the necessary authorities.

Core Ventures (VSE), is participating in a private placement made by International Interlake Industries (VSE). Core will purchase 100,000 units of International Interlake at $1.25 per unit. Each unit consists of one common share and one non- transferable share purchase warrant to purchase on additional common share for a period of five years. The exercise price of the warrants is $1.50 in the first year, escalating by 25 cents every year during the 5-year exercise period.

Spirit Lake Explorations (ME) has completed flow-through financing totalling $1.2 million with NIM Resources at a price of $3.93 per share, subject to shareholders approval. These funds will be spent on Phase ll of ongoing exploration programs at Spirit’s Jacobson twp gold property, northeast of Wawa, Ont.

Subject to regulatory approval, Cumberland Resources (VSE), has agreed to a brokered private placement of 300,000 units at 75 cents per unit on a flow-through basis. Each unit will consist of one share and one warrant. Each warrrant will allow the holder to purchase an additional share at $1.00 for a period of one year.

Canarim Investment Corporate of Vancouver, will as brokers, receive a commission of 5 cents per unit. The funds raised will be used by the Company to explore its projects in northwestern Ontario.

USMX has officially commenced gold production at its Green Springs mine. Approximately 750 oz of dore bullion were shipped during the past week from the facility, located 60 miles southwest of Ely, Nevada. The project was brought in on schedule and at design production levels.

Perrex Resources (ASE) has signed exploration flow-through financing agreements for $2.5 million and a letter of intent for $1 million to fund ongoing exploration programs in the Harker-Holloway Gold Camp.

Compilation of drill-indicated ore reserves is being made as assays are received from the 7-million-ton block of mineralized zone drill tested on the gold and tungsten find on the Iris Property where it is anticipated an open pit mining operation will be feasible. Final figures should be available soon.

A reserve calculation should be forthcoming shortly on the Silverside venture as well as on the Yukon Ketza property.

DRX has announced its first silver mining project on the Commonwealth Mine property located at Pearce, AZ.

Golden Dragon (VSE) and Tarzan Gold (ASE) have entered into a 50-50 joint venture agreement on 147 claims in Collet Township. Tarzan will reimburse Golden Dragon $20,500 for half the claim acquisition costs and pay approximately $32,000 in costs for a reverse circulation drilling program, subject to regulatory approval.

Can-ex Resources (VSE) has recently recaptured a 100% interest in its Arizona gold properties by their return from Billiton Minerals, U.S.A. Recent work on the El Tigre property has drill and channel sample indicated some 50,000 tons of gold bearing rock containing between 0.1 and 0.3 oz of gold per ton.

Crown Resources Corp. announced net income of $4.1 million or 45 cents per share for the second quarter of 1988 compared with a net loss of $45,487 or one cent per share for the same period last year. For the six months ended June 30, Crown had a net income of $4 million or 44 cents per share compared to a net loss of $509,364 or 8 cents per share in 1987.

In May, the company completed the sale of 5% of its 20% interest in the Kettle and Key properties in Washington state to a subsidiary of Echo Bay Mines for a total of $5 million(US). The company retains a 15% interest in the properties and Echo Bay has agreed to finance Crown’s share of development costs at prime plus 1%, payable from 50% of project cash flow.

Beaufield Resources (TSE) has entered into an agreement with NIM Resources whereby NIM has agreed to advance Beaufield $500,000 to spend the proceeds on exploration programs on their joint venture projects with both Kerr Addison Mines (TSE) and Falconbridge (TSE) in Urban-Barry twps., northwestern Quebec.

Beauchamps Exploration (VSE) has entered into an agreement with NIM Resources whereby NIM has agreed to advance Beauchamps $120,000 to conduct a mineral exploration program on its resources properties. In consideration, Beauchamps will issue up to 300,000 common shares at a price of 40 cents per share and will renounce all such expenditures to NIM.

Bull Run Gold Mines reports second quarter net income of $812,568 or 9 cents per share on revenue of $2.7 million compared to a 1987 net loss of $154,053 or 2 cents per share on revenue of $3,368.

Net income for the first half of 1988 was $836,909 or 9 cents per share on revenue of $3.4 million compared with a net loss for the same period in 1987 of $188,250 or a loss of 2 cents per share.