While ownership of the Theresa gold property near Longlac, Ont., has been transferred to J. S. Redpath Ltd. of North Bay, Ont., the president of Duration Mines (TSE) has not given up hope of reclaiming control of the project.
David Rogers said Duration is discussing the possibility of a joint venture agreement with interested parties to regain the property, which was lost because of financial problems arising from the failure of two flow-through funds to advance anticipated funding.
Duration owed Redpath more than $2 million and had until Oct 1 of this year to settle its account. Redpath agreed to a couple of extensions during October, but those dates also expired unanswered.
Duration was exploring the Theresa property with Locator Explorations, but in June of this year the two companies amalgamated under the name Duration. Theresa is a former producing property.
A number of other properties in different parts of Canada, including in the Casa Berardi area of Quebec and in the Conception Bay area of Newfoundland, continue to be explored by Duration.
Be the first to comment on "Duration hopeful it will regain control of lost Theresa bet"