An agreement with the owner of the Eastmain gold project in northern Quebec will allow Soquem to earn a 50% interest in a large portion of the project.
MSV Resources (ME) says the agreement allows the Quebec Crown mining exploration corporation to earn its interest by spending $1.2 million on exploration work before Dec. 31, 1997 (with some of the funds to be committed by earlier dates).
Reserves (proven and probable) already outlined by MSV — 952,374 tons grading 0.35 oz. gold per ton — at the centre of the property are excluded from the agreement, which is subject to regulatory approval. The James Bay area project, about 185 miles northeast of Chibougamau, Que., comprises two blocks totalling 651 claims. MSV’s private holding comprises 20 claims and is situated within the main block.
Gregory Bowes was recently appointed president of MSV, which has terminated its management agreement with Gestion Corpomin of Montreal.
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