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by Stockwatch Business Reporter

The TSX Venture Exchange added 1.22 points to 811.35 Monday. Glenn Mullan's halted capital pool shell, Cleghorn Minerals Ltd. (JZZ), plans to acquire the Meech Lake Matachewan precious and base metals prospect in northeastern Ontario from a numbered company, 2973090 Canada Inc., as its qualifying transaction.

Mr. Mullan, a 55-year-old geologist and long-time penny stock promoter, as well as being the president of Cleghorn, is the sole shareholder of the seller. The shell will pay $5,000 cash and issue nine million shares. Although Mr. Mullan is the sole shareholder of the vendor, Cleghorn says that the nine million shares will go to not only Mr. Mullan, but also to Cleghorn's two other directors, Christian Jens Zinke and Joe Groia. The breakdown of who gets what is unstated but that information will be available once Cleghorn submits a filing statement.

Mr. Mullan knows the Meech Lake Matachewan property well, having held its claims since 1990. In the mid-1990s, Bert Applegath's Kalahari Resources Inc., a former busy trader on the Vancouver Stock Exchange, optioned the property and in 1997, partly because of Meech Lake, partly because of two diamond properties in the Northwest Territories, but mostly because of the late Mr. Applegath, the stock fetched up to $1.60. Kalahari later gave up on Meech Lake but it seems Mr. Mullan has not.

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