News in Brief (March 07, 1988)

Atlas Yellowknife Resources has changed its name to PanAtlas Energy Inc. (pa:tse) on a 1-new- for-12-old share basis.

Shoal Petroleum has changed its name to Golden Dragon Resources (gdq:vse) on a 1-new-for 2.5-old share basis.

Golden Crescent Resources has started a 2-phase diamond drill program on its Kirkland Lake, Ont., gold property. The property was in production intermittently between 1910 and the mid-1940s.

Hayes Resources has refinanced the bank debt of SherrGold Inc. with a 17,500-oz gold bullion loan repayable over three years. Hayes took control of SherrGold in mid- February from Sherritt Gordon Mines and is required to pay the $8.5-million balance of the purchase price by March 18. In separate transactions, American Barrick Resources and DCC Equities have each loaned Hayes $1.5 million and have increased their combined equity position in Hayes to 55% by purchasing five million Hayes shares previously owned by International Pursuit Corp.

Aurtec Mining has received final approval for a public offering in Quebec of 1.1 million Class A shares at 40 cents per share. Net proceeds will be used mainly for exploration on its Cranberry Head property in Nova Scotia.

Caledonia Resources has changed its name to Aston Resources Ltd. (asu:vse) on a 1-new-for-5-old share basis.

Regal Petroleum has changed its name to Consolidated Regal Resources Ltd. (kre:vse) on a 1-new-for-5-old share basis.