Tasu to earn interest in Alder Gulch bet

United Reef Petroleums has reached an agreement with vse- listed Tasu Resources to develop the Spring Gulch placer on its newly acquired Alder Gulch property in Montana.

First staked in the 1860s, the property has produced some 2 1/2 million oz of placer gold. An additional 150,000 oz has been produced using hard rock mining methods.

Under the agreement, Tasu can earn a 50% interest in the property by spending $500,000. According to United Reef, the placer deposit can be put in production within the next two months and work will start immediately.

While he refused to give a reserve estimate, United Reef Vice-president Bernard MacIsaac said the property hasn’t been developed properly because it has taken nearly 10 years to consolidate its various claim groups. In other news, United Reef recently acquired the 14-claim Hughes property adjace nt to Alder Gulch. United Reef says the property hosts a number of gold bearing structures and strike extensions.

United Reef has also begun an exploration program covering all its holdings in Alder Gulch consisting of geophysics, geological mapping, and geochemical surveys.