Noble, Borealis to terminate deal

Termination of a joint venture involving gold property southwest of Rankin Inlet, N.W.T., has been agreed to by Noble Peak Resources (ASE) and Borealis Exploration (ASE). Borealis will transfer to Noble its 50% interest in the project for 500,000 shares of Noble and the delivery by Borealis to Noble of 12,500 shares to retire a $25,000 debt.

Borealis will exchange, with NIM Petroleum and certain of the Perpetual Growth Mutual Funds, 500,000 shares of Noble for 772,280 shares of Faraway Gold Mines (VSE) and 576,270 shares of Borealis. Noble will receive 12,500 of the shares of Borealis.

Regulatory approval is needed for the transactions, which are scheduled to close Oct. 31.