Toronto-based Altai Resources (TSE) has entered a joint-venture agreement with Chimu Mining of Lima, Peru, covering property in the South American country.
Alta has acquired an option to earn a 60% interest in, and become the operator of, two gold concessions aggregating 2,500 acres in the northeastern province of Pallasca. The property, on the Pacific coast, is accessible by road. To earn its interest, Altai must spend $US2 million over three years. Chimu says the property, considered minable by open pit, may contain reserves of silver, wolfram (tungsten) and rutile, in addition to gold. Altai has scheduled a work program to begin in June. The agreement is subject to regulatory approval.
Altai’s current cash position exceeds $5 million.
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