NEWS ROUNDUP (June 15, 1992)
A study by The Gold Institute of Washington, D.C., says the U.S. Treasury is not an active participant in the gold market and that the country’s gold reserve is unlikely to be sold, or used in gold lo…
News
Sutton negotiating joint venture
After signing an exploration agreement with the Tanzania government, Sutton Resources (VSE) announced it is negotiating with a multinational major mining company to work jointly on part or all of its …
RTZ sells stake in Rio Algom to simplify holdings
British mining giant RTZ has elected to sell its 51.5% stake in Rio Algom (TSE) for $362.3 million as part of a plan to streamline its North American holdings. In a press release, RTZ said it was sell…
List of players joining rush for diamonds growing daily
A handful of new players joined the hunt for diamonds in both the Northwest Territories and northern Ontario during the first week of June as experts retained by BHP-Utah Mines and Dia Met Minerals (V…
Homestake bets on new zone as 116-year-old mine declines
San Francisco-based Homestake Mining (NYSE) is taking a huge gamble by running a US$23-million exploration drift north from its namesake gold mine in South Dakota, local geologists say. The target of …
CIM tours Homestake mine
The recent tour of South Dakota mining country, sponsored by the Canadian Institute of Mining, Metallurgy and Petroleum’s (CIM) Toronto branch, proved to be a huge success although the slot machines a…
METALS PRICES (June 15, 1992)
London Metal Exchange Spot closing prices in $US per tonne, except copper and lead (pounds sterling per tonne) Date June 9 June 8 June 5 June 4 June 3 Copper 1228.5-1229.5 1232-1233 1240-1241 1226-122…
FINANCING (June 15, 1992)
Arlo Res Ltd. – 700,000 shs offered @ 51 cents per sh. Golden Ring Res. – 500,000 units consisting of 1 sh and 2 wts offered @ $1.11 per unit. Intertech Minerals Corp. – 1,250,000 shs offered @ 18 cen…
Labor relations key to staying competitive
Management and labor have to abandon their traditional adversarial relationship if Canadian mining companies are to survive, says the president of Brunswick Mining and Smelting (TSE), citing his own c…
Plexus shareholders grill officers
Officers of Plexus Resources (TSE) were put on the spot by several disgruntled shareholders at the company’s recent annual meeting. Angry that a deal to buy Total Energold’s (TSE) 51% stake in the com…
U.S. REPORT (June 15, 1992)
According to a recent agreement-in-principle, Pegasus Gold (TSE) will acquire 800,000 units of International Curator Resources (VSE) at 25 cents per unit for a total price of $200,000. Each unit consi…
St Andrew drifting returns unexpected high gold values
St Andrew Goldfields (TSE) has intersected some unexpectedly high-grade gold values while drifting in the West zone of its Stock Twp. gold mine near Timmins, Ont. At the company’s recent annual meetin…