Printer Friendly

Pamex gains options from Noranda for northwest Ontario gold sites.

Pamex gains options from Noranda for northwest Ontario gold sites

Pamex Resources has gained options on a pair of gold properties in northwestern Ontario.

The company has an option on a 260-claim property located 110 kilometres northeast of Red Lake. The site, currently owned by Noranda, lies along the Swain Lake deformation zone near Birch Lake.

Pamex can obtain a half interest by paying Noranda $65,625 and spending $750,000 on exploration before the end of 1993. If the site goes into production, Noranda has the right to provide senior financing, reducing Pamex's interest to 25 per cent.

The company has also reached an agreement to gain a half interest in the Manitou property near Dryden.

To acquire the interest Pamex must spend $1 million on exploration over the next four years. If the property is brought into production, the owners, Noranda and Golden Trio Minerals, will provide financing, reducing Pamex's interest to 25 per cent.
COPYRIGHT 1990 Laurentian Business Publishing, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1990, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Mining; Pamex Resources
Publication:Northern Ontario Business
Date:Nov 1, 1990
Previous Article:Electronic engineering firm expands.
Next Article:Report on shortage of skilled labor completed.

Related Articles
Exploration by major mining firms continues in Kirkland Lake.
Gold exploration active in northwest's Red Lake district.
Flag conducting only gold exploration in Sudbury.
Prospector disputes Hemlo Gold's ownership of the Golden Giant Mine.
Operational changes cut costs and boost productivity at Kerr.
Asset exchange.
Noranda pushing on despite lack of investor interest.
High-tech metal deposits a focus: joint-venture partnership allows firm to concentrate on further exploration efforts. (Mining).
Foreign invesment fuels mining industry.
Past-future gold camps spur exploration.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters