Placer Dome upsstake in Cache

Vancouver-based Placer Dome (TSE) recently increased its stake in Cache Explorations (ME) to 20.5% from 12.5% by purchasing an additional 600,000 shares of Cache at $1 per share. Cache shares recently traded in the 40 cents range. Cache has been focusing its exploration efforts on a gold property it optioned from Parquet Resources (TSE) in Courville Twp., about 30 km northeast of Val d’Or, Que.

Last year, Placer Dome initially bought 746,269 shares of Cache and obtained the right to acquire another 2.8 million shares at various prices before Dec. 31, 1993. The funds will be used by Cache for its ongoing exploration work in northern Quebec.