Vancouver-based Carson Gold (VSE) is making its presence known in southern China.
The junior acquired 2 million shares of Yunnan Mining, a private company which holds interests in, and exploration and development rights to, various gold, copper, polymetallic and diamond projects in Yunnan province. All told, the acquisition amounts to a 16.7% interest in the foreign firm. The purchase price of US$3 million carries with it a back-in right to acquire half of Yunnan’s joint-ventured interest in one of three highly prospective gold districts: the Ailaoshan Mountain Range, Shangmanggang or Zachuan. If Carson elects to acquire the interest, it must reimburse Yunnan 50% of its expended costs in whichever district is chosen. Carson can elect to acquire the interest at any time, but no later than 60 days following the completion of a feasibility study.
Previous exploration outlined anomalous gold targets through geological mapping, geophysical surveys and geochemical sampling. Follow-up reverse-circulation drilling is planned.
Carson Gold also holds a large ground position in Venezuela.
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