An option agreement to acquire a 100% leasehold interest in the Sawyer mine property in Randolph Cty., N.C., from Carolina Mines has been entered into by Minefinders (VSE).
A multi-year schedule of payments (involving cash and/or shares) has been drawn up. A minimum of 1,000 ft. of drilling must be carried out prior to Jan. 31, 1993. A final payment of US$580,000 is required upon commencement of commercial production or by Dec. 31, 1997, whichever is the earlier. Minefinders says the property, which has undergone trenching, has potential for a bulk-tonnage, heap-leach operation. The company is planning a first-phase drilling program on the central portion of the property to start in the near future.
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