News in Brief (January 12, 1987)

Joutel Resources reports negotiations to divest itself of its U.S oil and gas interests have been successfully concluded with the sale of its wholly-owned U.S. subsidiary to a private U.S group.

Effective Dec 30 the stock symbol for Turbo Resources’ non-voting shares changed from TBR.B to TBR.C on the TSE.

Hemlo Gold Mines has made an offer dated Dec 23 to purchase all of the outstanding common shares of Goliath Gold Mines on the basis of 1.12495 common shares of Hemlo for each common share of the company. The offer will be open for acceptance until 4:30 pm on Jan 23 unless extended by Hemlo.

Efforts are continuing to raise exploration funds for Share Mines Oils Souart and Barry twps., Que., gold property. Located in the Macho River area, the claims are near a gold discovery made by Oasis Resources last year.

G.L.E. Resources has changed its name to Chelsea Resources, consolidated its capital on a basis of 3 old for 1 new share and increased its capitalization to 20,000,000 shares.

Academy Explorations reports net income of $24,464 for the six months ended Oct 31. The company had cash at the end of the period totalling $898,387, compared to $852,733 at the end of October in the previous year.

Shareholders of Acquisitor Mines have approved the transfer of control of the company to Martin Roy and Pierre Beaudry of Val d’Or, Que.

Share purchase warrants of Glen Auden Resources, posted for trading on May 28, on the TSE expired at 4:00 pm on Dec 31, 1986.

Drilling on the Lac Storm property in northern Quebec by joint venture partners Golden Triangle Mining Exploration and Severide Resources discovered seven gold zones with assays ranging from 0.06 to 0.2 oz gold per ton across width of more than 3.3 ft. The best hole cut 6.6 ft grading 0.17 oz.

Montreal-listed Syngold Exploration has entered into agreements with CMP 1987 (Quebec) Resources Partnership and Co. and CMP 1987 Resource Partnership and Co., for the provision of flow- through financing for Syngold’s 1987 exploration projects located in Quebec and Ontario.

In consideration of $600,000 of such financing Syngold will issue common shares to CMP Quebec at a price per share to be fixed subsequently this year. In consideration of $600,000 of such financing Syngold will issue common shares to CMP National at a price per share to exceed the market price of the shares.

Noront Resources has acquired a 12.5% undivided interest in a 971- claim block in the Kapuskasing- Hearst region of Ontario for a purchase price of $14,875 and 75,000 shares of Noront common stock. The property was assembled by prospector Don McKinnon. A program of surface exploration is planned for this year. Results of airborne geophysics are currently being interpreted.

The common shares in the capital stock of United Tri-Star Resources were posted for trading at the opening on Jan 6, at which time the listed common shares of Tri-Star Resources were delisted.

The legended common shares of Galactic Resources were delisted on the TSE at the close of business, Dec 29. Effective Dec 30 certificates without legend may be traded through the facilities of the TSE in the regular market under the stock symbol GLC in the same manner as other certificates representing common shares of the company.

Rand Ventures Inc. has changed its name to Formosa Resources Corp. on a share-for-share basis.

Glen Auden Resources is acquiring a 38-claim property covering a 2-mile eastward extension of conductive horizons associated with the Rambo Exploration gold discovery in Massicotte Twp., Que. It also has a joint venture agreement with two private companies on 65 claims east of the 38-claim property.

Lone Star Resource Corp. has changed its name to Cons. Lone Star Resource Corp. on the basis of 1 new share for 2 old shares.

The proposed amalgamation between Canu Resources and Ican Resources has been approved by the Supreme Court of B.C. The amalgamation was effective Dec 18.