Granduc to acquire Farley Lake interest

Toronto-listed Granduc Mining has acquired Golden Band Resources’ (VSE) option to acquire Mingold Resources’ 44.8% interest in the Farley Lake joint venture.

Purchase price: $500,000 payable in Granduc shares. The Farley Lake joint venture constitutes an extensive land package along the Lynn Lake, Man., greenstone belt. This includes the Farley Lake deposit which contains open-pitable reserves of 2.2 million tonnes grading 3.4 grams gold per tonne.

This past summer, Granduc signed a letter of intent to buy Manitoba Mineral Resources’ 55.2% interest in the joint venture.

When these two agreements are closed, Granduc will have acquired the joint venture outright, on behalf of the overall gold project known as Keystone. The Keystone project is owned by Black Hawk Mining (TSE), and Granduc can earn up to a half interest in it by spending $10 million. The cost of acquiring the joint venture will form part of Granduc’s expenditure.