Freeport options Texada property

The gold potential on Texada Island, 50 miles northwest of Vancouver, has attracted Freeport-McMoRan Gold (NYSE) which recently optioned property from Vananda Gold (VSE). The option agreement involves cash payments of $250,000 and $1.3 million in exploration expenditures over a 2-year period for a 51% interest. Freeport can increase that interest to 70% for additional cash payments of $250,000 and $1.3 million in exploration expenditures over the following two years.

This will be the first time in the 100-year history of the Texada camp that previous mining operations (Texada Mines, Marble Bay, Little Billy, Cornell, and Copper Queen, plus intervening ground) have been assembled for a comprehensive gold exploration program.