Echo Bay Mines (TSE) will finance exploration of an extensively mineralized district in Bolivia where several gold occurrences were recently identified.
The major can earn a 51% interest in the Altiplano joint venture, held 47.5% by Orvana Minerals (TSE), 47.5% by Emusa and 5% by Bernstein (the latter two companies being based in South America).
The area of interest measures 110 by 155 km and includes large mineral concessions for which COMIBOL, a government-owned corporation, is soliciting bids.
Orvana will manage the exploration programs through to feasibility. To earn its interest, Echo Bay must fund the initial $3.5 million of expenditures by the end of 1996.
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