An agreement has been signed between Durvada Resources (ASE) and Crimson Star (VSE) to develop Durvada’s gold heap leach property in southwestern Nevada. Crimson Star can earn a 50% interest in the Yellowhorse claims as well as the pilot mill and ore processing facilities. The company must pay Durvada $50,000 and finance a $1.7-million, 3-phase exploration and development program on the property.
The first two phases, valued at $200,000 each, must be completed by Feb. 28, 1991, and June 30, 1991, respectively. Durvada will also receive 50,000 shares of Crimson Star on completion of the deal, plus 50,000 shares on completion of each phase of the program.
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