Queries: Silver Bar active, in Cobalt area

Could you please bring me up-to-date on Silver Bar Mines. I understand the company has been re-activated and has property in the Cobalt area of Ontario. K.O. Formosa, Ont.

Your information is quite accurate. Silver Bar Mines was originall y incorporated in 1943 in Ontario and was active in the Gowganda area of northeastern Ontario until approximately 1948. Late last year control of Silver Bar was acquired by R. A. Gilson & Associates of North Bay, Ont.

The company has optioned three silver-cobalt prospects in the Cobalt area. A 1,000-ft diamond drill program has been completed on one of the properties called the Beanland located in Bucke Twp. President R. A. Gilson tells us a geochemical survey and bulk sampling have been completed on the property. Right now the data is being assessed.

The company can also earn a 100% interest in the Boston Creek property, located south of Kirkland Lake, from Boston Creek Mines by spending $150,000 on exploration. The program, already under way, includes sampling, diamond drilling, dewatering and bulk sampling.

Mr Gilson says the company has worked out an option/joint venture agreement with Teck Corp. whereby Silver Bar can earn a 50% interest in Teck’s gold-silver prospect located in Pacaud and Catherine Twps. This property adjoins the Boston Creek property. Under the terms of the agreement, Silver Bar must spend $300,000 on exploration over a 3-year period. Work has already begun, says Mr Gilson.

With 2.5 million shares issued Silver Bar currently trades over-the- counter at about the $1.40 level.