With the formation of a joint venture, Crown Resources (VSE) has acquired a 60% interest in the mineral rights to 145,000 acres in central and western Utah. Crown can earn a 60% interest in the lands from Centurion Mines (NASDAQ) by making expenditures of US$4 million over a 4-year period. The company’s initial commitment of US$340,000 must be spent by Aug. 31 and will include what the company terms “an aggressive drilling campaign.”
The option covers eight exploration areas, seven of which are located in an area known as the Utah Gold Belt. The belt is a 60-mile-long north-south mineralized trend which includes a number of major mines, for example, the Bingham copper-gold mine and the Mercur gold mine.
As part of the agreement, Crown will complete a US$75,000 private placement in Centurion for 150,000 shares and 750,000 warrants, each allowing Crown to purchase an addition share at US$0.60.
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