Mono Gold Mines reports it has an agreement with Micham Exploration under which Micham can earn a 51% interest in Mono’s Bannockburn gold property near Madoc, Ont.
Under the terms of the agreement, Micham must spend a minimum of $2 million on the Bannockburn property, with a feasibility report prepared within 18 months, and purchase 350,000 shares of Mono at a price of not less than 72 cents a share, and receiving an equal number of warrants.
Mono says it is to receive its costs of approximately $1,900,000 from 70% of production, until it is paid.
A stripping and sluicing program has been completed on the property, extending the stripped area to a length of 2,300 ft, Mono says. Channel samples are in for assay, and an updated report is expected from Sawyer Consultants toward the end of November.
As at about the end of May this year, Mono had reported drill indicated and inferred reserves at the Bannockburn project of 372,154 tons, grading 0.395 oz gold per ton.
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