I am an investor and subscriber to The Northern Miner, which I think is a great newspaper and a must for any investor. I would like some information on the Renabie Gold Trust, listed on the TSE. I could only find information on Renabie Gold Mines in your Canadian Mines Handbook. J. C. Manley Homer, Alaska. .T The Renabie Gold Trust, formerly called the Barrick-Cullaton Gold Trust, was formed in 1984 as a closed-end investment. It sold 17 million units at $1 each, and the proceeds were used to finance expansion at the Renabie mine, located near Wawa, Ont. In return, the trust receives an amount of gold based on Renabie’s production and the market price of gold.
Since Jan, 1987, the Trust ceased to be entitled to a minimum of 1,350 oz of gold every six months out of the production from the Renabie mine. The Trust’s entitlement is limited to an interest in the production from the mine varying between 3-10% depending on the market price of gold. Royex Gold Mining Corp. is operator of the Renabie Mine, which produced 38,180 oz of gold during 1987.
For more information contact the fund’s trustee, Walter E. Montgomery of the Guardian Trust Company.
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