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Royal Oak purchasing interest in area claims.

Royal Oak Mines has announced that it has reached an agreement in principle to purchase an interest in 58 claims in the Timmins area.

Under the agreement the Vancouver-based company will pay $200,000 and issue 289,640 of its common shares to Belmoral Mines, Cabre Exploration and Wrightbar Mines for the companies' interests in the claims - which contain the former Broulan and Porcupine Reef mines. Between them the three companies own the claims outright.

Royal Oak officials say the company will utilize equipment located at its Hallnor property to explore the nearby Broulan claims for extensions of any ore bodies. Any ore mined from Broulan and Porcupine Reef will be milled at Royal Oak's Pamour Mill which is located less than two kilometres away from Broulan.
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Title Annotation:Report on Timmins; Royal Oak Mines
Publication:Northern Ontario Business
Date:Oct 1, 1991
Words:127
Previous Article:Timmins building upon its solid base in mining.
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