Joint venture partners Amir Mines, Normine Mines and Glamis Gold have agreed to form a new operating company, Idaho Gold Corp., to develop two Idaho heap leach properties.
The new company will be owned 63% by Amir and 22% by Normine, with Glamis holding a 15% net profit interest. The company will be operator on the Buffalo Gulch- Friday project near Elk City and the Lava Creek property in Butte Cty., Idaho. The projects will be funded by Amir and Normine. Glamis Gold will oversee all development, permitting and production carried out by Idaho Gold and will assist in production financings through its international contacts.
The Lava Creek property was 100% owned by Glamis. Amir and affiliated Normine have agreed to pay Glamis $1,115,000(us) to acquire that property. A 20-hole drill program started in February and permitting has begun for a bulk leach test this summer.
The Buffalo Gulch property, owned 100% by Amir (and Normine), was previously optioned to Glamis which had the right to earn a 51% interest by bringing it to production. Glamis got a 15% net profit interest in the new company in return for funds spent on the property. Metallurgical results and ore grade calculations are being prepared and a production decision is expected within the next two months.
Amir and Normine are affiliated companies controlled by Bema International Resources. As of Jan 31, they had joint working capital of $6.5 million.
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