Montreal-based Mirandor Exploration (MIQ-M) has optioned a gold property situated next door to its Railroad project, southwest of Elko.
Dubbed the Dixie project, it consists of 92 unpatented mining claims.
The option agreement calls for an initial payment of $60,000 and 250,000 Mirandor shares to private vendors, as well as a commitment to spend a total of $250,000 on exploration before August 2000.
Mirandor will pay a net smelter return royalty of 2% to the vendor upon entering production.
Should the company decide to buy all rights, titles and royalties, the ultimate cost is expected to range between $2 million and $5 million over an indeterminate number of years.
Field work on the Railroad project is under way in preparation for drilling.
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