Pine Channel drops Deception Lake

After receiving poor exploration results from its Deception Lake property in northern Saskatchewan, Pine Channel Gold (VSE) has decided to drop the property. The move comes after a unit of Noranda (TSE) announced it would not proceed with further exploration on the property. Noranda had the right to earn a 70% interest from Pine Channel by spending $2.42 million.

Pine Channel also announced its intention to consolidate its shares on a 1-for-5 basis. The move is subject to a shareholder vote scheduled for Jan. 11.

Pine Channel will have 1.01 million shares outstanding after the roll-back.