Craftech Manufacturing, a private company, has signed an option deal to earn a 50% interest in Revere Resources’ (VSE) Rice Lake gold property near the old San Antonio mine in Manitoba. The deal marks Craftech’s first venture into the mineral exploration field.
Terms of the agreement call for Craftech to spend $500,000 on exploration and make cash payments totalling $50,000 over three years. The gold target to be tested lies under Rice Lake some 750 metres south of the former San Antonio shaft, and any new reserves outlined could be developed at low cost from existing mine workings. Revere plans to begin drilling this month as soon as ice conditions permit.
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