News in Brief (September 05, 1988)

Belmoral Mines (TSE) says it has obtained $2 million in flow-through financing from CMP 1988 Resources Partnership and Company. The funds were obtained in consideration of Belmoral common shares at $2.73 per share.

La Fosse Platinum (TSE) has entered into an agreement with NIM Resources 1988 and Co., Ltd. Partnership for the flow-through funding of exploration on base-metal and precious-metal properties, the work to be completed before the end of 1988. The agreement, subject to shareholder and regulatory approval, includes the issue of 520,050 common shares worth $450,000.

Asquith Resources (COATS) recently announced the initial closing of its private placement of flow- through shares and the receipt of gross proceeds of $96,000 representing the issuance of 160,000 common shares. The funds will be used to carry out exploratory work on its Matona property in Tyrrell Twp., Ont.

Brohm Resources and MFC Mining Finance Corp. have amalgamated to form Minven Gold Corp. (MVG: VSE). Shareholders of Brohm receive 1-new-share for each old share held; MFC Mining Finance shareholders receive 1-new- share for each 1.5 old shares.

A strike at Falconbridge Ltd.’s (TSE) Sudbury nickel-copper operations has ended. Members of local 598 of the Mine, Mill and Smelter Workers’ Union approved the settlement on August 28.

The union says that 79% of the membership voted in favour of the settlement terms. The agreement covers production and maintenance employees for a 3-year period ending August 21, 1991.

Racer Resources and Macrotrends Ventures have amalgamated to form Macrotrends International Ventures Inc., ((MII:VSE) each on a share for share basis.

Danbus Resources has changed its name to Danbus Memory Systems, Inc. (DBS:VSE) on a share- for-share basis.

Several geochemical gold anomalies have been outlined by Golden Tanager Resources (Coats) on the company’s North Caribou and Magpy properties near Pickle Lake, Ont. The Magpy property is near the Golden Patricia gold mine being developed by Bond Gold. Tanager says several sulphide zones have been delineated on the Magpy claims.

On the North Caribou property, mapping and sampling has confirmed the presence of shearing and quartz-carbonate veining. The zone is also anomalous in gold, the company says.