Prompted by the British Columbia Ministry of Energy, Mines and Petroleum Resources’ failure to issue permits for an exploration drill program, American Bullion Minerals (VSE) dropped its option on the Clearwater fluorite property.
The company acquired an option in June to earn a 100% interest in the property by making staged payments totalling $210,000 over a 2-year period. American Bullion had planned to spend about $1 million on the property in 1992 and submitted an application to the government for the drilling permit in August.
A $45,000 option payment due Dec. 31 will not be made to the property vendor and installment payments to a finder will be discontinued.
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