Exploration of La Salle I, a gold property of Chesbar Resources (CBI-M) in eastern Venezuela, has been postponed until after aquisition negotiations are completed.
Chesbar owns 80% of the concession and is negotiating with owner La Salle Foundation for the remaining 20%. The junior intends to combine this property with its adjoining concessions, Guadiquinima II and Anacoco II, into a 10-km-long, wholly owned project.
Meanwhile, Barrick Gold (ABX-T) has agreed to finance a private placement of shares to fund exploration on the project, once it is wholly owned. The major company has extended the closing date of this agreement pending the completion of negotiations.
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