Placer Dome (TSE) and Virginia Gold Mines (ME) have agreed to explore and develop various projects in northeastern Quebec.
The terms of the agreement are as follows: * Placer will fund all expenditures related to a compilation (already completed) of the areas of interest.
* For the first program, expenditures of $280,000 will be shared 50-50, with Virginia as operator.
* When the first program is completed, Placer can either continue the joint venture or pay $50,000 to Virginia and contribute $275,000 (over 18 months) toward the next field program. Upon doing so and completing the work, Placer would become operator with a 51% interest.
Geophysical and geological studies are planned for the most promising areas.
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