Vancouver-listed Republic Goldfields has signed a second letter of intent with the Cuban government to explore and develop a large, 2,100-sq.-km. concession on the eastern side of the island.
The concession contains at least one partially delineated copper-nickel-gold deposit with drill-indicated reserves of 2.2 million tonnes grading 1.9% nickel and precious metal credits.
The letter of intent should lead to a formal joint-venture agreement within the next 90 days, according to Republic. The company will operate exploration work and can earn a 50% interest in any deposit by exploring it and bringing it to the feasibility stage.
The Cuban government is expected to contribute 50% of costs at the reserve delineation stage. Republic already has an epithermal gold prospect in the central portion of the country.
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