A slow-speaking, nail-hard adventurer was walking around the town of Yellowknife last week in a bright golden haze. Ulric Joseph ("Spud") Arsenault, a trapper and prospector in the Northwest Territories, had staked out 20 likely-looking claims about 50 miles north of Yellowknife last year. Last week Beaulieu Yellowknife Mines, Ltd. agreed to pay him $100,000 cash for his properties, give him 250,000 shares of stock (worth 50¢ a share to start) in the new company organized to develop them.

Yellowknifers were only mildly astonished. Such things had happened with delightful frequency in...

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