NEWS ROUNDUP — Abacus undertakes detailed sampling

On a 296-claim package in the Brookfield area of southwest Nova Scotia, Abacus Minerals (VSE) has begun detailed sampling for gold.

Abacus can earn a 100% interest in the property from a private company. Small underground mines produced gold in the past. But recent work by Abacus, Tri-Exploration and the Nova Scotia Ministry of Natural Resources has suggested the potential for a wider distribution of gold values, possibly amenable to bulk-tonnage extraction, Abacus says.

To earn its interest, Abacus paid $25,000 and must pay another $25,000 and issue 50,000 shares intitially and another 150,000 shares as work progresses. Abacus must spend $125,000 before Nov. 1 this year and an aggregate of $500,000 by mid-1996. Further payments are required if the project advances to production.