Noranda adds to Caber stake

Noranda (NOR-T) has subscribed for another $400,000 worth of Southern Africa Minerals (SAF-T).

The private placement, involving 290,900 shares priced at $1.38 each, is part of an option agreement in which the major can earn a 70% interest in the Caber polymetallic property, near Matagami, Que.

Indicated resources at Caber were recently increased to 484,000 tonnes grading 11.7% zinc and 1% copper, plus 14.4 grams silver and 0.23 gram gold per tonne (T.N.M., June 7/99).

Exploration drilling is ongoing. However, underground development plans have been shelved until metal prices improve.