NEWS ROUNDUP — Freegold signing on 007 as partner

An agreement-in-principle sets the stage for 007 Precious Metals (VSE) to earn a majority interest in Freegold Recovery’s (VSE) interest in the Golden Summit project near Fairbanks, Alaska.

The terms of the agreement call for 007 to provide a total of US$2.5 million through a series of property payments, work commitments and cash payments over five years. 007 Precious Metals will also issue Freegold up to 200,000 of its shares over three years, and will be obligated to continue funding the development of the project through to feasibility. The agreement is expected to be concluded by mid-November.

Over US$20 million has already been spent on the Golden Summit property by previous operators, including Freegold, which will continue to operate the project.