Antilles acquiring Venezuelan gold projects

Spokane, Wash.-based Antilles Resources (VSE) can acquire an 80% interest in two gold concessions in southeastern Venezuela.

Each of the Janice I and II concessions covers about 12,355 acres and is underlain by favorable Precambrian greenstone rocks containing gold occurrences, as evidenced by widespread placer mining. The properties are in the Bochinche mining district of Bolivar state.

The option price for each is $150,000, with $30,000 due immediately and the balance payable in stages in cash and shares.

Antilles must pay $1.6 million, including $250,000 payable in the first year, $500,000 in the second, $600,000 in the third and $250,000 in the fourth. The company has committed to spend at least $250,000 on each concession in the first two years of the agreement and expects to start preliminary exploration shortly.

It has also acquired a half interest in the Alto Supamo II and III gold concessions in the same vicinity.

Antilles plans to move a portable gold plant onto the project to begin sampling and testing the potential of the large placer property.