Int’l Platinum (November 08, 1993)

Toronto-listed International Platinum (IP) has reached an agreement with New Ventures Development concerning an Arizona property.

The agreement, subject to due diligence, will allow IP the right to earn New Ventures’ 50% interest in one of two Arizona properties containing platinum and gold reserves estimated to be worth US$170-200 million. The due diligence review should be completed within four months. IP will earn its interest by bringing the project into production at 1,000 tons per day and an estimated cost of US$3 million.

The initial payment of US$150,000 will be followed by two staged payments of US$1 million. All payments will be made in shares of IP.

The company hopes to use improved techniques for recovering platinum, being developed at its South African projects.