Spending $3 million by 1994 and making staged payments of $500,000 by 1996, Pacific Sentinel Gold (VSE) can earn a 70% stake in the 11-sq-mile property which is owned by Reymont and Lectus Developments (VSE). Reymont recently ent ered into an agreement with Gunnar Gold Mining (ASE) and Mill City Gold (ME) to earn an interest in the Tyranite Gold mine project south of Timmins, Ont. Reymont has subsequently converted its 1989 exploration expenses into shares of Gunnar and Mill City.
In other news, a detailed review of previous work on the Longstreet heap leach gold and silver deposit in central Nevada failed to match expectations, according to Reymont. “Further exploration has been curtailed and documentation is being prepared to permit returning the project to the owners.”
Reymont said the inability to raise exploration funding in soft market conditions, combined with discouraging exploration results, led to the Solstice property in British Columbia being dropped. “The nearby Takla Rainbow gold prospect was returned to Cathedral Gold (TSE) for similar reasons,” the company said. “To alleviate the company’s cash expenditure requirements, several small grassroots mineral claims were allowed to lapse.”
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