Queries Chetwynd active near Hope Brook mine

Please provide me with some information on Chetwynd Resources and Glen Roy Resources. Although they appear to be active, I haven’t read anything about the these two Toronto companies recently. P. K. Seagrave, Ont.

coats-listed Chetwynd Resources was incorporated in September, 1986. It holds an option to acquire a 75% net revenue interest in an Oxford Cty., Ont., oil/gas well. Chetwynd can earn its interest by funding 100% of the drilling costs.

Chetwynd also acquired from Cinq Cerf Minerals, an option to earn a 50% working interest in 137 mineral claims contiguous to BP- Selco’s Hope Brook Gold mine on Newfoundland’s southwest coastline.

With a gold production rate of 126,000 oz annually, Hope Brook will be Canada’s sixth largest producer when it opens next year.

According to Chetwynd, exploration so far has located several ip anomalies on the Cinq Cerf claims which it says are a continuation of the BP-Selco structure.

Chetwynd can earn its interest in the Cinq Cerf claims by spending $50,000 and issuing 50,000 treasury shares of Cinq Cerf Minerals to Dolphin Exploration.

Chetwynd is run from the same Toronto offices as another exploration company called Glen Roy Resources. Chetwynd President Harry Ferguson is also president and major shareholder (with 30% of shares) of Glen Roy.

Formerly Cumberland County Oil and Gas, Glen Roy was incorporated in November, 1981. It has a 50% interest in eight unpatented mining claims and a 100% interest in three patented claims in the Chester Twp. area south of Timmins, Ont.

According to a recent update, the Glen Roy leases are located two miles west of Chesbar Resources/ Murgold Resources’ gold claims where underground exploration is underway. A 3,000-ft decline has now been completed to 100 ft and according to recent reports, assays from 39 ft of drifting averaged 0.85 oz gold per ton over average width of 5.8 ft.

Ferguson says visible gold was obtained from drilling on the Young-Shannon claims which are part of camp that is being developed in that area. There are currently 602,500 common Glenroy shares outstanding.