Playing a much more aggressive role in the Vancouver market, Homestake Mining recently concluded option agreements with McConnell-Peel Resources (VSE) and Sheba Copper Mines. The agreements, which cover 60/40 joint ventures on undisclosed properties, involve cumulative expenditures by Homestake of $1.5 million(US) on each of their properties over a maximum period of four years. Field work is expected to commence by month-end.
At presstime The Northern Miner learned that Cassiar Mining (TSE) was negotiating the purchase of Newmont Mines’ Similkameen copper operation near Princeton, B.C. The move by Cassiar appears to be an attempt to diversify out of asbestos which it mines in the northern part of the province. Newmont has been selling assets to reduce its massive debt load which resulted from the defence of a hostile takeover attempt.
Destiny Resources has changed its transfer agent to Guaranty Trust Co. Escrow duties will continue to be dealt through Montreal Trust Co.
Inland Recovery Group has changed its name to Consolidated Inland Recovery Group Ltd. (ILG: VSF) on a 1-new-for-7-old share basis.
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