Cambior must spend $4 million on a bankable feasibility study on the property, 25 km southeast of Chibougamau, Que., by June 30, 2001.
Under a previous agreement, provincially owned Soquem has an option to acquire a 20% interest in the project. If both options are exercised, the companies would form a joint venture with Cambior as operator.
McKenzie Bay Resources is based in London, Ont.
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