Eastern Meridian eyes prospect

A letter agreement with a Mexican company sets the stage for Eastern Meridian Mining (EME-A) to acquire a half-interest in the Picachos gold-silver project in the southwestern part of Durango state.

The property is 45 km southeast of the Tayoltita mine, which, to date, has produced about 680 million oz. silver and 8.9 million oz. gold.

To earn its interest, Eastern Meridian must pay $30,000 and spend $300,000 on exploration by the summer of 2001. It can earn a further 25% by spending an additional $2 million by the summer of 2005. An exploration program will begin once the property transaction is approved by regulators.