Vancouver — Continuing to add ground to its portfolio of properties in the historical Cariboo mining district of BC, Golden Cariboo Resources (GCC-V) has inked a deal with Imperial Metals (IMP-T) to earn a 50% stake in the Cunningham Creek gold property.
The Cunningham Creek property hosts the old Cariboo Hudson mine and lies contiguous with the junior’s newly acquired Lock property. To earn its stake, Golden Cariboo agreed to issue 300,000 shares and spend $275,000 on exploration over three years.
The company holds a number of options in the area, including the Bar agreement with Eagle Plains Resources (EPL-V). Golden Cariboo can purchase 100% interest in this ground by issuing 200,000 shares, spending $900,000 and making cash payments totaling $100,000 by the end of 2004. Eagle Plains retains a 2% net smelter royalty.
Located 18 km southwest of Barkerville, the Bar property comprises 1,580 acres and is considered prospective for hosting mineralization similar to the nearby “Bonanza Ledge” discovery made by International Wayside Gold Mines (IWA-V) last year.
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