Noveder options Baie Verte ground

Montreal-listed Noveder has signed option agreements involving three of its properties on the Baie Verte Peninsula in Newfoundland.

Sulliden Exploration (ME) has acquired a half interest in the Long Pond property, which consists of 10 claims. Over the next three years, Sulliden must give Noveder 125,000 shares and 125,000 options to buy shares and spend $450,000 on exploration.

Dianor Resources (ME) has acquired a half interest in the Sister Pond property (15 claims) and the Split Pond property (nine claims). To earn its interest in the former, Dianor must, over the next three years, give Noveder $40,000 cash, 225,000 shares and 150,000 options to buy shares, as well as spend $450,000 on exploration. For Split Pond, Dianor must give Noveder $20,000 cash, 112,500 shares, and 75,000 options to buy shares, as well as spend $225,000 on exploration work.

Noveder owns more than 400 claims covering 150 sq. km of the Betts Cove ophiolitic complex near Baie Verte, Nfld. The company plans to spend $400,000 exploring its claims, starting in May.

The ophiolitic complex contains the Nugget Pond deposit, in which Noveder sold its remaining rights to Richmont Mines (TSE) in 1995. The deposit contains 345,000 tonnes grading 14.4 grams gold per tonne, and Richmont expects to have it in production later this year.