Minorca, William option Guyana ground

Rouyn-Noranda, Que.-based Minorca Resources (VSE) can acquire the Whanna River gold property in northwest Guyana from Gribaker Mining.

The junior is carrying out a 90-day due diligence program of prospecting, sampling and dredging.

The property comprises more than 55,000 acres, on which several underground gold mines and river-dredging operations were active between 1890 and 1900. To acquire the interest, Minorca must pay US$427,000 and issue 200,000 Minorca shares over three years. Gribaker will retain a 3% net smelter return royalty.

In a related development, Minorca has formed a joint venture with William Resources (ME). The latter can acquire a half interest in the Whanna River project by paying C$125,000 cash and issuing 125,000 William common shares to Minorca over three years.