MacMillan to sell Mishi project

A summer exploration program will test the open-pit potential of the Mishi gold project in northern Ontario.

The program will be carried out by Mishibishu Gold, which recently agreed to buy a 100% interest in the project from MacMillan Gold (MMG-T). To earn the interest, Mishibishu Gold must pay $100,000, complete a prefeasibility study by August 31, 1997 and carry out exploration work. MacMillan will be entitled to a royalty equal to 40% of the net profits generated from any mining.

Previous exploration has outlined a geological resource of 1.4 million tonnes at an average grade of 4.2 grams gold per tonne. The initial target will be a resource of 772,000 tonnes grading 3.3 grams, amenable to open-pit methods.

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