Blue Emerald, Central Crude in option deal

The optioned claims, known collectively as the Tamarack Bay property, are west of Central Crude’s Eagle River bet, where underground work is under way in a jo int venture with Hemlo Gold Mines (TSE).

Under the terms of the option agreement with Central Crude, Blue Emerald must spend $1.3 million on exploration over four years to earn a 50% in terest in the Tamarack Bay claims.

In addition, the agreement calls for a total of $65,000 in cash payments over a 4-year period, plus 50,000 shares of Blue Emerald on signing, and an additiona l 150,000 shares if a production decision is made.

The Tamarack Bay claims also adjoin the Denison Lake property of Central Crude and HSK Minerals to the northeast. The agreement is subject to regulatory and s hareholder approvals.

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