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Article: Financing sought by Central Crude to continue work at Moss Lake site. (mining exploration in Moss Lake, Atikokan, Ontario)(Mining Report)
- Article from:
- Northern Ontario Business
- Article date:
- November 1, 1991
- Author:
CopyrightCOPYRIGHT 1991 Laurentian Business Publishing, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The northwestern Ontario town of Atikokan is hoping that the Moss Lake property will be one answer to its economic woes in a region where mineral exploration is in a slump.
Although Moss Lake is now inactive, the property in the Shebandowan area near Atikokan has probable and possible gold reserves of 82.2 million tons of ore.
Central Crude has 51-per-cent interest in the property, with an option to earn 60 per cent, as well as options on surrounding properties.
Central Crude, executing an option with Tandem Resources and Storimin Exploration, has spent $4 million on the property and is working on a $2-million financing package to continue work.
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