Pegasus options Comet gold mine

Pegasus can exercise its option by spending $250,000(US), giving a production notice by March, 1990, and by financing the project to production.

The agreement also calls for Pegasus to place the property into production within three years from the date of a production notice. Reserves from the Comet mi ne would almost certainly be processed at Pegasus’ Montana Tunnels mine six mile s from the property.

Assuming a positive production decision, High River is to receive 35% of operating profits after payback of capital, and 5% of operating profits before paybac k.

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