Further exploration on the Mariwa-Sardine Hill property in northwestern Guyana will be funded by Cominco (TSE).
Under an option agreement, the major can earn an initial half interest in the property by paying Romaima Gold (VSE) US$500,000 in cash and spending US$1.7 million before July 15, 1999. Cominco can earn a further 20% by financing a feasibility study and paying an additional US$800,000.
Work to date has outlined a geochemical soil anomaly measuring 1,600 metres long and 100-150 metres wide, and grading 2 to 5 grams gold per tonne in saprolite.
Deep auger sampling returned values in the range of 2 grams per tonne to the maximum depth of 7 metres.
The geochemical anomaly has a coincident electromagnetic anomaly, and two additional anomalies under sand cover remain unexplored.
Cominco will pay Romaima US$50,000 upon signing and must spend at least US$175,000 within the first six months.
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