Inco is completing a $6.5-million exploration program. Upon placing the property into production, Inco will earn a 50% interest. Inco Gold will also hold a 37% interest in High River on completion of the exploration program.
At High River’s Comet gold project in Montana, a first-phase evaluation program has been completed by Pegasus Gold (TSE). A prefeasibility study is being prepared by Pegasus with completion scheduled by the end of November.
Pegasus has the right to acquire a 100% interest in the project by spending $250,000(US) on exploration, making a production decision by March 16, 1990, and financing the project to production. After payback of capital, High River will receive a 35% operating profits royalty.
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