A joint venture of High River Gold Mines (HRG-T) and Focal Resources (FCJ-A) has acquired a group of properties in Nicaragua, El Salvador and Honduras.
Most of the properties were acquired in a single purchase whereby the joint venture will pay US$1.3 million cash and issue 80,000 shares of High River and 240,000 shares of Focal. The partners have committed to spending US$1 million in exploration work, to be completed by November 1997, and the vendor retains a 1.5% net smelter return.
The concessions in Nicaragua and El Salvador cover several past-producing gold mines in vein systems. There are also small-scale alluvial mines now operating on the concessions.
In another transaction, the partners will earn a 75% interest in a Nicaraguan property held by the Santo Domingo co-operative. Over a period of three years, the joint venture will spend US$4 million exploring the property, situated in the Libertad district.
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