The new owner of Hubert Lake Ungava Nickel Mines has plans to revive the dormant mining company which was chartered in Quebec in 1957. Hubert Lake has been under a cease-trading order since May, 1985, in that province.
“We’re getting the cease-trading order lifted and will be working on a couple of ventures from that point on,” President Lloyd Beatty told The Northern Miner, indicating the order should be lifted by the end of November. He declined to comment on the new ventures, other than to say one will be associated with gold.
The company has issued 1.95 million shares, including 810,000 shares which are being held in escrow. Beatty said he has purchased the escrowed shares and additional outstanding shares. The company currently owns no properties.
Hubert Lake has traded in Quebec and in Ontario on the over-the- counter (coats) system. Beatty, who has a real estate background and is currently based in Calgary, said he plans to have his company’s shares trading in both provinces again, and possibly on the Alberta exchange.
A placer gold project in northern California is no longer being pursued by Hubert Lake, Beatty said. The company reportedly was active in northern Quebec’s Ungava area in the late 1950s.
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