A subsidiary of Cyprus Amax Minerals (NYSE) can earn a half interest in the northern portion of the Table Mountain gold property in northern British Columbia.
Cusac Industries (TSE) will retain a 100% interest in the southern portion, where it is developing and mining narrow, high-grade veins using underground methods.
The northern portion surrounds ground owned by International Taurus Resources (VSE), which has identified a strata-bound, low-grade, gold-bearing pyritic horizon. Cyprus plans to test the bulk-tonnage potential on the Cusac ground. Cyprus can earn the interest by spending $2 million over 36 months and paying $320,000. It must spend at least $350,000 in the first year and can earn an additional 20% interest by funding the property towards commercial production.
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