Queries Terramar still active at Reid mine project

Like many people, I purchased the shares of Terramar Resources after the terrific gold find in California. Your paper reported the very high assays and I would like to know the present standing of this company. I understand there was a law suit over the Reid mine property in California. W.B., Cobalt, Ontario

Terramar Resources stirred the mining industry in late 1983 with news of a 41-ft drill section grading 4.4 oz gold per ton from its Reid mine property in California. Although we reported and explained on several occasions that the drill cut a down-dip section of the Spanish Vein, and did not represent a true thickness, the stock soared to $8 before settling back to $2 by the end of the year.

Currently, the company is still working on the property and anticipates a production decision within 15 months. The legal suit was ended in July and resulted in Terramar getting a 100% freehold right on the Reid and Evening Star properties. The company also has a 14% freehold right on the Central property. All three properties adjoin each other.

Upon settling the dispute, the company started a major exploration program including dewatering the Reid shaft to the 800-ft level, lateral work and underground drilling.

During the year, the major shareholder of Terramar became the Concord Group, which is a B.C.- based mining organization.