A $2-million debt owed by Duration Mines (TSE) and partner Locator Explorations (VSE) to mining contractor Redpath Ltd., has placed the ownership of the Theresa gold property in jeopardy.
The companies have come to an agreement which gives Duration until Oct. 1 to settle the $2-million balance outstanding. If unsuccessful, Duration has agreed to settle the account by transferring ownership of the Theresa property to Redpath.
Located near Longlac, Ont., the Theresa property is a former gold producer which is being explored by Duration and Locator. Redpath is the underground contractor at the site.
Duration says that financing for 60% of the money owed has been arranged. Talks are in progress to arrange for the remainder of the $2 million. The company has also arranged a $1.18 million flow- through share placement with NIM Resources 1988 and Co.
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