Thanks, Rick. As far as I know, Golden Summit is the property they have been drilling. Are they drilling anywhere else?
International Freegold Mineral Dev Inc -
6mo results
International Freegold Mineral Dev Inc
ITF
Shares issued 25,436,678
1998-09-14 close $0.45
Tuesday Sep 15 1998
Mr. Harry Barr reviews the company
Golden Summit Project, Alaska
During the second quarter, International Freegold Mineral Development
commenced a planned 30,000 feet reverse circulation drilling program on the Golden Summit project, Alaska. Barrick Gold which is participating in the exploration of the Golden Summit project through equity investments in the company, elected to exercise $2,500,000 in warrants. This purchase increases Barrick ownership in Freegold to 18.3 per cent and total investment in the project to date of $4,000,000.
The drilling program, which is testing several extensive gold soil anomalies across the property, will continue through October.
Vanguard Project, Alaska
The company is evaluating priorities for further work on the Vanguard property, immediately north of the Golden Summit property, which was leased from Placer Dome US Inc. in the fourth quarter of 1997.
TSE Listing
The Toronto Stock Exchange granted Freegold listing approval on May 19, 1998 and trading commenced.
Frederick Knight was appointed to the company's board of directors. Mr. Knight has extensive experience in the mining and exploration industry.
Operations
The net loss for the six months ended June 30, 1998 was $434,380 which compares with a loss of $477,017 for the six months ended June 30, 1997. Filing fees increased by $63,423 as the company engaged a sponsoring broker and also incurred additional fees for its Toronto Stock Exchange listing. A gain of $17,932 was realized from the sale of various marketable securities.
Interest income increased by $24,213 for a total of $49,800 as compared to $25,587 for the six months ended June 30, 1997.
During the first six months of 1998, the company incurred mineral property expenditures of $649,519 of which $160,965 was incurred to pay required property payments on the Almaden gold project. A further $511,458 was spent for the required property payments and exploration costs on the Golden Summit property which included the issuance of 100,000 shares at a deemed value of $50,000. On the Vanguard, Alaska property, $13,181 was incurred and $36,085 was recovered from refundable deposits held on the Labrador properties.
The company received from International CanAlaska Resources $701,250 for the issuance of 1,375,000 shares at 51 cents.
Investor relations and shareholder relations activities undertaken by the company during the second quarter ended June 30, 1998 included attendance at various trade shows. The company did not enter into any contracts with outside parties to conduct investor relations activities on the company's behalf.
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