Following an agreement between NovaGold Resources (TSE) and Kennecott to explore and develop the Sears Lake and Sewell Brook claims in New Brunswick, Costigan Gold (CDN) has agreed to convert its participating interests in the properties to 5% carried interests.
Over the next four years, Kennecott has the right to earn a 50% interest in the base metal properties by spending $3 million on exploration.
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