An agreement to acquire an interest in a mineral concession in the El Callao district of Venezuela’s Guiana Shield has been negotiated by Gold Vessel Resources (ASE) with private Venezuelan company Prominsur C.A.
Gold Vessel may earn a 50% interest in the 5,000-hectare property through work commitments and issuing share allotments to Prominsur. Gold Vessel must spend US$1 million within 12 months, US$2 million within the next 12 months and US$3 million within the next six months to earn its 50% interest. Prominsur has undertaken to acquire additional concessions on behalf of the joint venture. The companies have also agreed to formulate a joint venture related to diamond activities in Venezuela.
The transactions are subject to regulatory and board of director approval.
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