Duration regains Theresa property

“The return of the Theresa property ends a particularly difficult period in the company’s history,” said President David Rogers.

The company had to stop exploration and give up title to the Theresa project last year in order to satisfy the demands of a major creditor, J. S. Re dpath of North Bay, Ont.

Mining contractor Redpath had performed underground work worth about $4 million for Duration on the Theresa project when the bottom fell out of the company’s flow-through funding arrangements.

Duration had been conducting an underground exploration program on the Theresa property in a joint venture with Locator Explorations (now merged with Duration), when the partners ran into financing problems which forced them to turn over the property to Redpath.

Duration has since reached a settlement with Redpath, and a right of first refusal to purchase the property, granted to its original owner, expired this month returning full title to Duration.

Undaunted by the problems which plagued the Theresa project in the past, Rogers said the company is actively seeking a joint venture partner to continue exploration from surface.

“Having gone underground at Theresa we have gained a better understanding of its geology and mineralization,” he said. “Despite an extreme nugget problem, there are at least four different gold vein systems in the diorite.

“Duration remains firm in its belief that the Theresa property holds significant potential based on the exploration completed to date, the geological setting, and its past history.”

Rogers said that the Theresa surface facilities and infrastructure will remain intact, but the shaft has been allowed to flood.

In a related development, Duration has completed work commitments and final purchase of a 15-claim property owned by Conscot Resources (VSE) which adjoins the Theresa to the West. Duration now has a 100% interest in the properties, both of which are subject to a 3% net smelter royalty.

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