NO HEADLINE (May 14, 1990)

TEXT:

Gold production is expected to commence this summer at the Cheminis mine project near Kirkland Lake, Ont., say owners Northfield Minerals (ASE) and its subsidiary Rockford Minerals (TSE). Northfield Chairman Robert Cudney said the company is arranging financing to be used to bring the project to the production stage.

Northfield acquired the project, and an interest in the adjacent Barber Larder property, from GSR Mining in the bankruptcy sale of the assets of Golden Shield Resources. The company says it has a 78.5% interest in the Cheminis project and a 39.25% interest in the Barber Larder property, which is the subject of a joint venture with GSR.

Rockford owns the remaining 21.5% interest in the Cheminis and an 11.75% interest in the Barber Larder.

Northfield has issued about 4.2 million shares from treasury to Dynatec International to discharge liens registered against the Cheminis and Barber Larder projects.

Meanwhile, Deak Resources (TSE), a central player in the Golden Shield assets bankruptcy sale, is negotiating to enter into private placements with various parties to raise up to $2 million (at 80 cents per share), the proceeds to be used for general corporate purposes.