NEWS ROUNDUP (April 27, 1992)

An agreement to acquire the 52-sq.-km Sagar-1 property south of Fermont, Que., in the province’s North Shore area has been negotiated by Virginia Gold Mines (ME).

The company says an ultramafic complex characterized by anomalous grades in copper, gold, platinum and palladium has been discovered on the property. Virginia President Andre Gaumond said his company may acquire a 50% interest in the property by issuing 250,000 shares to Explograph Inc. Virginia may acquire the remaining 50% interest by spending $650,000 on exploration work and issuing an additional 150,000 shares to Explograph during a 3-year period. Virginia, with more than 3.4 million shares outstanding, is 23% owned by the Corpomin group of Montreal and 15% by the Vior group of Quebec City.