ECU Gold Mining (ME) will acquire nine mining properties from William Resources (TSE) in exchange for 6 million ECU shares.
The agreement requires ECU to invest $6 million in exploration, development and/or startup work on the properties, which include Montana’s Norris claim and Chartam field, South Africa’s Malmani project and six less-advanced properties in Ontario and Quebec.
An independent study identified a gold resource of 624,000 oz. on the Norris claim, where Milltop, an American firm, holds an option to acquire 51% by financing all costs up to the startup of a mine capable of processing 1 million tons of ore per year through dump leaching.
The Chartam field, like the Norris, is at the advanced exploration stage. An independent study has identified a resource of 494,609 oz. gold and 1.3 million oz. silver.
The Malmani project covers a 16-by-13-mile area where 10 major vein systems have been identified. Exploration by William subsidiary BLM Services outlined 209,000 oz. gold.
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