Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : AVL.V - AVALON VENTURES -- Ignore unavailable to you. Want to Upgrade?

To: D.W. who wrote (612)	3/18/1998 10:54:00 PM
From: Ron Baxter	Read Replies (1) \| Respond to of 1474

Canada Stockwatch Read this and esp the very last part for a possible reason Gossan Resources Limited - Agreement with Gundy and Associates Ltd to raise interim financing Gossan Resources Limited GSS Shares issued 6242124 1998-01-06 close $1.6 Wednesday Jan 7 1998 January 6, 1998 - Gossan Resources Limited is pleased to announce an agreement has been made in December 1997 with an investment banking firm, Gundy and Associates, Limited to assist in raising approximately 3 1/2 million dollars for the purpose of preparing the company's Industrial Minerals properties towards production. Gossan has received $208,750 cash in December through shareholders exercising warrants and an employee exercising an option. An additional $300,000 will be raised to carry out feasibility to prepare the magnesium dolomite property at Inwood, Manitoba for magnesium metal production. The Inwood deposit has been partially defined with 66 million tonnes drill indicated and 33 million tonnes drill inferred with 21.6% MgO and 0.23% insoluble residue. A drill program is to begin by January 20th on the Minago River property, north of Grand Rapids, Manitoba and 2 miles east of Highway #6. Five holes totaling over 1700 feet will be testing 2 electromagnetic anomalies including one anomaly over 1600 feet long and 2 major magnetic anomalies over 5 miles in length. Gossan Resources has received $20,000 cash and expect over $130,000 to be spent by Falcon Crest Resources (a private, unlisted company) to earn an 80% interest in the property. Gossan will retain a 20% interest. The potential mineral targets are expected to be Titanium-Vanadium-Iron and Nickel sulphides. The metallurgical work on the Disseminated Zone from diamond drill core off the joint venture Pipestone Lake, Manitoba property has reduced the calcium-rich amphibolite that must be eliminated to approximately 10 pounds per ton of concentrate (2000 pounds). The present metallurgical work is expected to remove calcium in the Disseminated Zone through floatation methods that prepares the ilmenite for the chloride process. Metallurgical testing of the ilmenite in the Main Central Zone shows that the mineral can be removed by crushing, grinding and gravity to reach a clean chloride grade concentrate. The remaining minerals, vanadium and iron, can be cleanly and economically captured with high grade recoveries. The Pipestone Lake deposit holds 685 million tons of resources containing an average of 8.37% ilmenite, 17.89% magnetite and 0.2% vanadium pentoxide. All tonnages are calculated to 300 metres in depth. The deposit is open at depth for its entire length. Gossan Resources Limited holds a 50% interest in the joint venture property with partner Cross Lake Mineral Exploration Inc. (a wholly owned company of the Cross Lake First Nation). A Management Committee selected by the two companies continues to operate the project successfully. The company continues to keep its chromite, silica, gold, nickel and platinum prospects in good standing. The tantalite-cesium prospect at Separation Lake, Ontario remains under option to the Tantalum Corporation of Canada. On behalf of the board J. W. Campbell, P.Eng President and Director For more information please contact: 1-204-943-1990 or 1-800-462-4283 Fax: 204-942-3434 E-Mail: gossan@solutions.mb.ca No Stock Exchange has approved or disapproved the information contained herein GOSSAN RESOURCES LIMITED 105 - 52 Donald Street Winnipeg, Manitoba Canada R3C 1L6 (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com