American Gem completes financing
Toronto-listed American Gem has issued to European investors 1.5 million shares at $3.88 per share. Proceeds from the $5.8-million offering will be used to make property payments and develop the Monta…
News
NEWS ROUNDUP — Santa Fe options Globex ground
By spending $2 million on exploration and paying $300,000 cash, Santa Fe Canadian Mining will earn a half interest in Globex Mining’s (ME) Victoria gold project. Situated in Clericy Twp., Que., the pr…
NEWS ROUNDUP — Annabel to explore Wyoming bet
Vancouver-listed Annabel Gold Mines has raised $700,000 to explore the Carissa mine property near South Pass City, Wyo. The mine is owned by Hol-Lac Gold Mines (CDN). Since its discovery in 1867, 30,0…
STOCK MARKETS — Silver overlooked but it’s moving too
While investor interest has mostly been focused on gold, the price of silver has run up quite nicely recently. During this report week, for example, the price rose US17 cents to US$5.59 per oz. Slight…
STOCK MARKETS — Higher gold price can’t shake western
With gold near a 2-month high, at just below US$390 per oz., even the recent steep jump in the bank rate failed to shake western markets. The Vancouver Stock Exchange resource index shot up 58.85 poin…
MSV tests revolutionary profit-sharing plan
At $17.42 an hour, the average wage here for an underground miner is still well above that paid to industrial workers in Canada. But for the 290 unionized employees of MSV Resources (TSE), it represen…
NEWS ROUNDUP — Rayrock buys out Dee mine partners
Toronto-listed Rayrock Yellowknife Resources plans to increase its ownership in the Dee gold mine to 100% from the current 44% It will buy a 44% interest from Corona Gold, a wholly owned subsidiary of…
Golden News funds future work in Mexico
Junior Golden News Resources (VSE) has raised more than $11 million to buy Mexican-based Minera Sanex and prepare that company’s Luz del Cobre copper project for production. The junior raised the fund…
Cadre lands Venezuelan ground
In return for quarterly payments of US$50,000, to a total of US$200,000 plus 100,000 common shares, Cadre Resources (VSE) can acquire the Venezuelan property known as El Encanto. Situated in the Marwa…
LETTERS TO THE EDITOR — Escondida discovery in Chile
Recent letters by Siegfried Muessig and Patrick Burns published in The Northern Miner have challenged my role in the discovery of the Escondida orebody in Chile. Theirs are remarkable assertions, give…
Work continues on Wrightbar’s Quebec ground
Vancouver-listed Charlim Explorations has discovered two gold zones on the Bourlamaque Twp. property of Wrightbar Mines (ME). Charlim is earning a half interest in the gold property by paying Wrightba…
NEWS ROUNDUP — Mongolia Gold active in Bumbat
By carrying out exploration work in the Mongolian People’s Republic, Mongolia Gold Resources (MGR) is earning a 49% interest in the Bumbat property. The property is situated 200 km west of the north-c…