Nevada-based Great Basin Exploration & Mining recently signed a letter of intent to joint venture the Santa Lucia property owned by Fischer-Watt Gold (NASDAQ).
The property is a 45.5-sq.-km concession about 24 km west of Mexicali, Mexico. Under the terms of the agreement, Fischer-Watt retains a 20% working interest carried through feasibility plus a 2.5% net smelter return. Great Basin plans to explore the property for bulk-tonnage gold mineralization.
Fischer-Watt is also in active discussions with a major mining finance house regarding funding for the company’s continued expansion into Latin America.
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