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by Stockwatch Business Reporter
The TSX Venture Exchange climbed 13.35 points to 745.31 Friday, ending the week up 15.00 points. David Rosenkrantz's first capital pool shell, Pinehurst Capital I Inc. (PHT: halted), plans to acquire an Arizona silver explorer called Silver Bullet Mines Inc. for the shell's qualifying transaction. The acquisition terms are not yet available.
Silver Bullet owns the Black Diamond property, which covers 1,983 hectares in Arizona. The company proudly lists the five past-producing mines on the property: McMorris, McClellan, Silver Seven, La Plata and Buckeye. What it does not mention is that these were small-scale operations. Mining began at the property in the 1880s. There was one shaft that went down 700 feet, but mining was mostly done by hand. Then from 1900 to 1980, there were some prospecting and small-scale mining activities on the property but no drilling.
In 2010, John Carter's Trueclaim Exploration Inc. acquired Black Diamond from its private owner for $650,000 (U.S.) and 600,000 shares. Black Diamond was a secondary asset for Trueclaim, which at the time was focusing on its Scadding gold property in Ontario. Between 2010 and 2017, Trueclaim's stock managed to reach only a modest peak of 26.5 cents. This was despite two rollbacks completed during that period, each at 1 for 10.
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