Multinational options Carlin-area property

Multinational Resources has optioned the Emigrant Springs property in Nevada’s Carlin gold belt from a U.S. subsidiary of Teck Corp.

The agreement with Teck Resources enables Multinational to earn a 50% working interest in part of the project for advance royalty payments (to a maximum of $40,000(US) per year) and $500,000(C) in exploration expenditures over three years. Teck has also been granted an option to purchase 500,000 Multinational shares at $2.25 each.

The Emigrant Springs property is located about two miles northeast of Newmont Gold’s Rain deposit which occurs in a similar geological setting and is scheduled for production this year at an annual rate of 110,000 oz.

Previous drilling by Homestake Mining and Teck established geologically inferred reserve of 10 million tons grading 0.019 oz gold per ton at Emigrant Springs in a near- surface deposit. The mineralization consists of silicified siltstones and disseminated gold; and Teck feels there is some potential for a high grade feeder zone at depth in a down-faulted block. Teck is finalizing details of a drill program which should begin this spring.