VANCOUVER - GOLDCORP is buying a stake in Ottawa-based BEAUFIELD CONSOLIDATED RESOURCES, which owns the Opinaca gold property adjacent to the Eleonore project. Goldcorp will buy 6.8 million units of Beaufield for gross proceeds of $3.4 million. Each unit consists of half a Beaufield common share and one share purchase warrant. Following the transaction, Goldcorp will hold 9.9% of Beaufield's common shares and 14.2% on a fully-diluted basis, after giving effect to the exercise of the warrants.
Goldcorp announced last December that it will acquire VIRGINIA GOLD MINES, which owns the promising Eleonore property in the James Bay Lowlands of Quebec. (See CMJ's Net News for Dec. 7, 2005.) The agreement with Beaufield gives Goldcorp a toehold in the neighbouring property. The two companies plan to pool their exploration efforts, co-operating on technical, financial and permitting issues. Beaufield will remain the operator of programs on its Opinaca property, and it plans to drill sometime this year.
Maps of the Opinaca project can be viewed at www.Beaufield.com.
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