Junior William Resources (ME) has signed a letter of intent to acquire most of the ORIS 9 placer gold and diamond property in southeastern Venezuela.
The concession is on the Oris River, in Bolivar state, which has yielded about 30,000 carats of diamonds a year for the past 10 years. Upon regulatory approval, William will buy a 10% interest in the concession from Balcica C. A. by issuing 300,000 common shares.
William can earn an additional 50% stake by spending US$250,000 on exploration before May 1, 1994. It can buy another 20% by issuing another 600,000 shares.
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