A letter of intent has been signed with Almaden Resources (VSE) concerning two gold properties in the Mexican state of Sinaloa, Eldorado (VSE) reports.
Eldorado has been granted an option to earn a 51% interest in La Trinidad and 60% in El Eucuentro gold properties. Eldorado would be responsible for all production financing. Eldorado will pay to Almaden US$26,000 upon execution of the formal agreements and a further US$15,000 within 90 days from signing the formal agreements.
In addition, Eldorado would pay to Almaden US$1,000 per month for each of the two properties until Eldorado has earned a vested interest. Also, 50,000 shares of Eldorado would be issued to Almaden on successful completion of Phase I engineering to occur on or about Aug. 30. These acquisitions are subject to regulatory approval and definitive agreements being finalized.
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