NEWS ROUNDUP — Westminer options Chibougamau properties

An agreement has been signed between Westminer Canada and Cache Explorations (ME), allowing Westminer to acquire up to a 90% interest in Cache’s Fenton and Guercheville Twp. gold properties near Chibougamau, Que.

Under the agreement, Westminer can acquire an initial 50% interest by making cash payments of $70,000 and spending $700,000 on exploration by May 31, 1996. Westminer can increase its interest to 75% with an additional cash payment of $30,000 and exploration expenditures of $500,000 before May 31, 1997. By funding a feasibility study, Westminer can boost its interest to 90%. Cache may sell its residual 10% interest for $750,000.

In the early 1980s, the Societe de Developpement de la Baie James outlined reserves of 150,000 tonnes grading 8.6 grams gold per tonne on the properties. The properties were acquired by Cache through a public tender in 1991.