Claude looks like NSM is getting serious in the mine building part:
Northern Star Mining acquiring Jake Resources
2006-09-11 16:33 ET - Acquisition
The TSX Venture Exchange has accepted for expedited filing a preliminary purchase agreement dated Sept. 5, 2006, between Northern Star Mining Corp. and Jake Resources Inc., on behalf of its shareholders, Gerard Legault, Aurore Lanoix, Nancy Legault, Gary Legault, Remi Filteau and Marcel Fortier, whereby the company will acquire the outstanding shares of Jake Resources. A formal share purchase agreement will be prepared for closing.
The main assets of Jake Resources consist of a complete cyanidation mill, operational with crushing and grinding circuits, Merrill Crowe filter system, all necessary spare parts, gold pour furnace, offices, warehouse, and repair shops. The purchase includes the Beacon gold mine, consisting of a 1,200-foot-deep shaft and headframe, two declines, and a 400-foot-deep shaft, contained on two mining concessions and one mining claim.
Total consideration consists of:
$100,000 deposit (paid);
$1.8-million cash upon closing;
2.73 million shares of the company (subject to a four-month hold period);
1,365,000 warrants at $1.40 for two years from closing;
$400,000 cash on Nov. 1, 2006;
$400,000 cash on Dec. 1, 2006; and
$800,000 in six monthly instalments, beginning Jan. 1, 2007, and ending June 1, 2007.
There are no work commitments associated with this acquisition.
The vendor retains a 1.5-per-cent net smelter return on any ore production from the property. >>>
Northern Star gets equipment in place at Midway
2006-04-12 10:07 ET - News Release
Mr. Michel David reports
NORTHERN STAR ANNOUNCES UPDATE ON MIDWAY GOLD PROJECT
Northern Star Mining Corp. has provided an update on its continuing development of its Midway gold project, located 16 kilometres west of the city of Val d'Or, Que., one kilometre south of the Trans-Canada Highway.
The surface construction and mine access is complete; the service tunnel from the hoist building is operational as are the service, hoist and compressor buildings.
The compressors are installed and operational, and the electrical grid is also complete with the main transformer, hoist and compressor motors also operational (the hoist is 2,500 horsepower and the compressors are 1,000 horsepower each).
The 10-foot-diameter double drum Nordberg hoist is completely set up and installed. There remains the hookup of the direct drive system, as in January of this year, the drive system of the hoist was changed over from the original MG set to a state-of-the-art, computer-controlled direct drive system. This new system allows for more efficient hoisting, at higher speeds while using significantly less electrical power. The combination hoist-head-frame tandem allows Northern Star to reach depths in excess of 5,500 feet.
The company has also accessed, inspected and closed off raises that access the first level of the Malartic Goldfields mine site while retaining one for air circulation and emergency manway purposes.
Dewatering and water impounding are continuing well; water level is below the second level at about 355 feet, approaching the company's initial target drift level at the third station (425 feet).
Shaft rehabilitation is also well under way, the third compartment manway is repaired and functional to the 150-foot level, and the three top sets in the shaft have been replaced; because of the excellent condition of the shaft collar and liners, further rehab shaft work should be relatively minor in nature.
All of the installation, engineering, shaft rehab, mining and exploration activities at the Midway project are being carried out by the personnel and employees of Northern Star Mining. >>>>>>>>>>
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Tom |
