Firm's founder dies, company restructured.

Firm's founder dies, company restructured

The Northern Ontario mining community lost one of its own with the passing of John McAdam late last month.

Mr. McAdam, age 64, was a partner with Terrence Flanagan in the Flanagan-McAdam group of mining companies, a company he founded in 1960. Companies in the group include Muscocho Explorations Ltd., McNellen Resources Inc. and Flanagan McAdam Resources Inc. Through the various companies, the group has interests in several gold properties in the Wawa area, including the Magino mine and the Magnacon mine, as well as other properties in the Mishibishu Lake area and in Chibougamau, Que.

In a May 1987 interview with Northern Ontario Business, Mr. McAdam recounted his early days in the mining industry.

"Thirty-two years ago? Well, we just went out and lived in the bush and did surveys and mapping and everything else we could think of to earn a living.

"In our spare time we'd look at pieces of ground on our own. We had our own equipment. We built it up and formed our own company."

Mr. McAdam's death occurred just hours prior to an Ontario Securities Commission decision permitting the restructuring of Muscocho Explorations Ltd., McNellen Resources Inc. and Flanagan McAdam Resources Inc..

Under the approved plan, each of the three companies will take back approximately one-third of the outstanding shares held by Edmonton-based Echo Bay Mines Ltd.