Vancouver-based Athabaska Gold (VSE) has backed away from a letter of intent to earn an interest in the Bumbat gold field in the Republic of Mongolia.
Athabaska elected not to proceed with an option to earn a 49% interest in the prospect after the Mongolian Ministry of Geology and Mineral Resources provided further information on the project.
Instead, the company’s board of directors has voted unanimously to assign all rights and obligations to director Edward Kennedy in exchange for the right of first refusal to finance future work on the property and a reimbursement of expenses.
Athabasca is examining a former gold producer in Chile for possible acquisition.
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