FMC Gold to evaluate Excelsior project

The agreement allows FMC a ninety-day exclusive investigation period on the advanced exploration project which is reported to contain proven and probable reserves of 4.1 million tons grading an average of 0.04 oz gold and 2.6 oz silver per ton.

FMC also has the right to enter into a profit-sharing agreement under which it will advance all pre- production costs for further exploration and development of the property. Following recoupment of advanced costs, the participants agreed to share any operating profits as to 30% Steelhead and 70% FMC.

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