Michele deal ended

An option agreement between Michele Gold Mines (VSE) and Cathedral Gold Corp. (TSE) has terminated. Under the agreement, Michele had the right to earn a 49% interest in Cathedral’s Addington gold property near Madoc, Ont., by spending $4 million on exploration. Michele has spent $300,000 to date.

The deal was ended after Michele submitted a proposal to Cathedral outlining new terms. The new proposal is being reviewed by Cathedral.