VANDERBILT <VAGO> TO RAISE COMMON, MERGE Vanderbilt Gold Corp said shareholders at a special meeting approved its reincorporation in Delaware, an increase in authorized common to 25 mln shares from 12 mln shares, and a non-qualified stock option plan. It also said shareholders approved the merger of Morning Star Mine interests held by six corporations in exchange for issuing 2,098,602 shares of its common. It said the acquisition brings its ownership in Morning to over 94 pct and it intends to acquire the remaining interests before mid year. It said its plans call for 1987 production of 30,000 ounces of gold with product costs per ounce at about 200 dlrs.