A share exchange agreement has given a private company called Zinc Metal Corp. 1,339,675 shares of affiliate Roxmark Mines (TSE) formerly held by Northgate Exploration (TSE) of Toronto.
In return, Northgate has obtained 1,306,768 Norbeau Mines shares which are valued at $287,489.
The transaction is regarded as a “house-cleaning exercise” following the acquisition of Northgate’s 35% interest in Norbeau by Western Mining Corp. of Australia.
The Roxmark shares acquired by Zinc Metal Corp. include 808,000 free shares and 531,667 vendor shares.
The Ateba Mines (TSE)-Roxmark joint venture at Geraldton in the Beardmore, Ont. area has completed dewatering the Magnet mine to the bottom level of the 1,760-ft main shaft.
“Track pipe and electricity are being installed along the 2,400 ft of drift to winze on this level,” said Roxmark President Stan Malouf who is also president of Zinc Metal.
The personnel and equipment needed to complete the winze dewatering by June 30 are now on site, Malouf said.
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