Greenstone Resources has agreed to acquire a package of several minin g properties covering 67,870 acres in the Chibougamau area of northwestern Quebec from Camchib Mines, a wholly-owned subsidiary of Campbell Resources.
The package of properties includes three former gold producers and six properties with gold or base metal reserves, several of which the company says have near- term production potential.
The package also includes three titanium properties covering nine claims in the Saguenay district of the province.
The acquisition is for $1.5 million which consists of $300,000 in cash, a $1.2-million convertible debenture and a 2.5% net smelter return to Campbell on those properties not already subject to a similar royalty. Greenstone will be operator on all the properties.
Among the properties Greenstone will acquire are the Gwillim mine which operated from 1980-83, the Grand Roy and the Obalski.
Greenstone says it is also close to finalizing an agreement to acquire a gold-bearing property in Colombia.
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