It appears that Amax Gold (TSE) is prepared to continue with a second phase exploration program on the Robertson gold property, owned by Coral Gold (TSE) in northern Nevada. The two companies reached an agreement-in-principle to amend the second phase of the exploration agreement. Results from the first phase program aimed at testing the deep sulphide potential of the property were generally disappointing.
The amended agreement covers a term of three years and allows Amax to earn a 60% interest in the project by completing a bankable feasibility study.
Coral Gold placed the Robertson project into production as a heap leach mine in 1988, but low grades and operational problems forced a closure in 1989.
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