Paramount Ventures (VSE) and Royalstar Resources (VSE) are jointly acquiring 80% of the shares of a Czech company which owns exploration concessions covering the Kasperske Hory gold project in the Czech Republic.
The two companies paid the Czech government an initial instalment of $500,000 to help reimburse previous exploration and development. This includes nearly 55,000 ft. of drilling and about 5,000 ft. of underground workings.
Upon completion of a feasibility study, a further $2.5 million will be payable by the joint venture.
Preliminary indicated and inferred reserves are estimated at 10 million tons grading 0.22 oz. gold per ton.
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