A $400,000 exploration program by Oliver Gold will earn that company an 80% interest in Cominco’s Fairview gold property near Oliver in south central British Columbia.
The company first obtained 40% of the property in 1987 by spending more than $400,000 on drilling, underground rehabilitation, geochemical and geophysical work, sampling and metallurgical testing.
Work has started on rehabilitating the sixth level and the company plans testing a 10,000-ton metallurgical sample. Oliver is spending $400,000 for this next phase to earn an undivided 80% interest in the property. When completed, Cominco has the option of remaining a 20% participating partner, retaining a 10% interest, or requiring Oliver to buy the remaining interest for $300,000.
The 10,000-acre property has proven, probable and possible reserves of 762,000 tons averaging 0.11 oz gold and 1.2 oz silver.
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