The Snow Lake gold property in Manitoba owned by Silver Hart Mines (VSE) and subsidiary Snow Lake Mines (VSE) won’t be optioned by BHP- Utah Mines after all.
Although no reason was given for the decision, BHP-Utah said it would not proceed with the option agreement as outlined in a letter of intent signed by the three companies in early November. The agreement called for BHP-Utah to earn a 55% interest in the project by spending $4 million on exploration and a further $4.4 million in cash payments. The decision also quashed a private placement of one million Silver Hart shares to BHP- Utah.
John McCutcheon, a director of Silver Hart, said “the door is now open” to expressions of interest from other companies.
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