Cream Silver options Doromin property

A recently signed option agreement between Cream Silver Mines (VSE) and Doromin Resources (VSE) gives Cream Silver the right to earn an 80% interest in Doromin’s George property in the northwest Moresby area of the Queen Charlotte Islands, B.C.

Cream can earn the interest by making cash payments totalling $55,000 over the next three years and completing $300,000 in exploration or development work on the property.

The property is immediately north of the Cimadoro property which Doromin optioned to Inco late last year.

Cream Silver notes that the George claims appear to cover the same Paleozoic age stratigraphy found on the Cimadoro property where polymetallic massive sulphide mineralization carrying copper, zinc, silver and gold values have been identified.

Arthur Troup, a director with Cream Silver, said the company is waiting for Inco to announce its exploration plans for the Cimadoro property before completing an exploration plan for the George ground.

Cream Silver is also waiting to receive word on a trial date for the Province of British Columbia’s appeal on last year’s Supreme Court decision. The court ruled that Cream is entitled to compensation for the expropriation of claims in Strathcona Park.

Troup expects the date to be set for the next three or four months. In the meantime, he noted that the company plans to proceed with a lawsuit for damages.

Previous estimates put the potential value of Cream’s ground at over $72 million but Troup noted that the company is reviewing this figure in light of the new high-grade massive sulphide discoveries at the adjacent Myra Falls property owned by Westmin Resources.