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by Stockwatch Business Reporter
The TSX Venture Exchange fell 37.40 points to 870.91 Monday. Sean Mager and John Williamson's second shell, Duro Metals Inc. (DURO: halted), is putting together a 467-square-kilometre early-stage copper-gold property called Latham in Northern British Columbia. Latham will comprise the Gnat, Dalvenie and Hu properties. In connection with this qualifying transaction, the shell will roll back
1 for 1.4538, leaving it with 4,333,470 shares issued.
Duro Metals is acquiring the Gnat claims from brothers Brian and Steven Scott, who have sold a few B.C. properties to other mining juniors. The shell will pay the brothers a combined $100,000 and issue them a combined 400,000 postconsolidated shares. Then it is acquiring the Dalvenie property from a private company, Torr Resources Corp., for $100,000 and four million shares. Finally, it is acquiring the Hu property by taking over the property owner, 1306043 B.C. Ltd., in exchange for a $20,000 non-refundable deposit and a $225,000 loan. 1306043 B.C. will use the loan proceeds for exploration at Latham, immediately, while it is still summer.
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