The British Columbia Ministry of Energy and Mines has joined with Eastfield Resources in an initiative aimed at stimulating investment in mineral exploration.
Under the deal, the government will perform mapping and analytical work on Eastfield’s Lorraine copper-gold deposit, 300 km northwest of Prince George. The research will be carried out in concert with the junior’s summer exploration program.
The province hopes the updated maps will encourage exploration in the area.
“This new partnership . . . marks the beginning of a new era in which the government and private sector work together to revitalize mining in B.C.,” says Energy and Mines Minister Richard Neufeld.
Eastfield has its own reasons for forming the partnership. “Companies like ours can’t afford to do research-oriented work,” says Vice-President Glen Garratt. “This partnership allows us to get some good new geological mapping done, and the research that goes with it.”
Eastfield can earn up to a 75% interest in the Lorraine property from Lysander Minerals by spending $4 million on exploration, paying $550,000 before Dec. 31, 2005, and carrying out a positive feasibility study.
Under a separate agreement, Eastfield will buy a 100% interest in 19 adjoining claims at Lorraine by making a $7,500 cash payment, issuing 50,000 shares, and giving the vendors a 2% net smelter return royalty.
The government says it may form similar partnerships with other companies.
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