NEWS ROUNDUP (April 23, 2001)

GeoNova gains Bachelor Lake mine

Under the terms of a previously announced agreement, GeoNova Explorations (GNE-M) has acquired the Bachelor Lake gold-mining complex and related assets in northwestern Quebec.

The Montreal-based junior bought the operation from Corporation Ced-Or for $3.25 million, payable in shares and a net smelter royalty on future production from the mine, as well as from other sources of material that may be treated at the 500-ton-per-day mill. The royalty has a maximum value of $1.75 million.

The mine contains underground resources estimated at 523,075 tons averaging 0.23 oz. gold per ton. GeoNova already owns 100% of the Discovery project, situated 124 km away, where resources exceed 2 million tons of 0.2 oz. gold per ton. In order to focus on the Bachelor Lake and Discovery projects, GeoNova has decided not to acquire the Hebecourt and Magussi properties, also in Quebec, which are held by SKG Interactive (formerly Sikaman Resources).

Asquith outlines more gold

Along with London-based partner Axmin, Asquith Resources (yaq-v) has identified four gold-in-soil anomalies worthy of followup drilling at the Roandji project in the Central African Republic.

The anomalies at the Ao prospect are about 15 km away from gold mineralization previously outlined at the Main zone and French Camp prospects in the Passendro area. The new anomalies are underlain by an Archean sequence of folded and sheared banded iron formation, acid volcanics, and volcaniclastics intruded by granites. The largest anomaly is in an area of black-quartz tourmaline vein fragments adjacent to a large granitic intrusion in the southern part of the Ao sampling grid. The joint-venture partners intend to select targets that are best-suited for followup work, including a reconnaissance drilling program later this year.

SouthernEra closes $9.6m financing

Having closed a $9.6-million financing, SouthernEra Resources (suf-t) intends to use the proceeds “to maintain the development momentum” of the Messina platinum groups metals project in South Africa.

Construction of the mine and related plant is on budget and on schedule for early production this summer. The project is owned by Messina, a South African company 70.4%-held by SouthernEra. Measured and indicated resources are pegged at 26.4 million tonnes averaging 6.3 grams platinum group metals per tonne, plus gold.

HudBay cancels exploration programs

Hudson Bay Exploration & Development (HBED) has cancelled the remainder of this year’s exploration program in northern Manitoba and Saskatchewan. No work programs are planned for 2002.

HBED is the exploration arm of Hudson Bay Mining & Smelting (HBMS), which, in turn, is a unit of London-based Anglo American (aauk-q). HBMS produces copper, zinc and byproduct precious metals in the Flin Flon region of Manitoba, where it also operates metallurgical facilities. Ed Yarrow, vice-president of exploration, says the cutbacks reflect market conditions and other factors. There will be no layoffs of HBED staff, who will be deployed to exploration programs elsewhere in Canada.