Joint-venture partners Carson Gold (VSE) and Venezuelan Goldfields (VSE) are further expanding their land package in the Kilometre 88 district of Venezuela.
The two companies have entered into an agreement with Stegall Development S.A. for the acquisition of rights to the Sor Teresita 1, 2, 3, 4 and 5 concessions and the Bloque B concession, which total more than 13,500 acres in the heart of the mining district.
Sor Teresita 1-5 and Bloque B are adjacent to several concessions where Carson Gold was granted both alluvial and hard rock exploration and exploitation rights for gold and diamonds by the Corporacion Venezolana de Guayana (CVG).
Stegall holds all the share capital of a Venezuelan company that has the exclusive alluvial and hard rock rights (granted by CVG) to explore and exploit gold and diamonds in the Sor Teresita and Bloque B concessions. The company is held by a conglomerate whose controlling partner is a major shareholder in several large banks in Venezuela.
To earn its 60% interest in the concessions, Venezuelan Goldfields must assume all financial obligations to acquire, explore and develop the concessions to production feasibility. The total consideration to be paid to Stegall is US$3 million.
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