Placer Dome gains stake in Goldboro

Montreal-listed Orex Exploration has optioned a share of its Goldboro property to Placer Dome (TSE).

Having investigated the environmental conditions of the Nova Scotia gold property, the major has concluded a final option and joint-venture agreement that will see it acquire 65% of Goldboro by spending $30-million on exploration, development and a feasibility study.

Prior to the deal, the Nova Scotian government signed agreements with Placer and Orex absolving both companies of any responsibility for cleaning up environmental damage caused by previous owners of the property.

Placer has begun drilling to confirm the gold distribution within the lithological units of the Goldboro property, which hosts probable reserves of 12 million tonnes and possible reserves of 7.5 million tonnes, with an average gold grade of 3.37 grams per tonne.