Gold Standard signs Uruguayan venture

Utah-based Gold Standard has signed a joint venture agreement to explore its San Juan Hills gold property in Uruguay.

Gold Standard is embarking on the joint venture with Compania Mineral San Jose S.A., a wholly- owned subsidiary of Bond International Gold Inc.

Under the joint venture agreement, Bond will put up all of the exploration costs to earn a 60% equity stake. Gold Standard will retain a 40% interest but on completion of a positive feasibility study, the Utah company must contribute a 40% share of exploration costs to maintain its interest.

However, Gold Standard can also elect to reduce its stake to 25% without contributing anything to the joint venture.

Located in southwestern Uruguay, the 120,000-ac San Jan property is one of several areas of greenstone belt development in the predominant granites of the Uruguayan Shield.

Bond International is a major gold mining and exploration company listed on the New York Exchange.