International Baron signs deals at three U.S. plays

Located three miles southeast of Amax Gold’s Sleeper deposit, the Electrum property comprises 4,000 acres. Chip samples taken from the main adit level of the mothballed Alma mine produced values of up to 4.410 oz gold per ton and 1.90 oz silver, according to International Baron.

The company can earn its interest by spending $1.25(US) million in monthly installments by August 1991 and making an initial cash payment of $20,000.

A production royalty is also payable on a sliding scale based on quarterly gross profits per ton realized from any future mining activity. The sliding scale begins at a 4% net smelter return at $6 per ton, rising to 10% at $50 per ton. However, International Baron can reduce its royalty obligations by making cash payments to New Alma and FHC.

Under a second agreement, the company will acquire an option held on a 750-acre property in Nevada’s Twin River mining district. The property contains an indicated skarn-gold system with values from chip samples ranging as high as 0.049 oz gold and 2.3 oz silver.

International Baron has also signed a joint venture agreement with Maggie Creek Mining to earn a 60% interest in the 96-claim Maggie Creek property on Nevada’s famous Carlin gold trend.

The company can earn its interest by spending $750,000 over seven years. Although no precious metal values have yet been found reverse circulation drilling encountered a strong pyritic zone at depth on the property which is located within four miles of Newmont Gold’s Gold Quarry and Maggie Creek deposits.

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