Pamorex Minerals (TSE) has signed a letter of intent to earn a 51% interest in Queenston Gold Mines’ (TSE) Upper Beaver mine gold property.
Located about 15 miles east of Kirkland Lake, Ont., the Upper Beaver mine produced 125,000 oz gold and 11 million lb copper from 1920 to 1971. Low gold prices forced its closure.
Under a proposed agreement which has not yet been approved by either the Pamorex or Queenston board of directors, Pamorex must pay Queenston $200,000 cash and spend $1.75 million on exploration.
The agreement also calls for Pamorex to make an initial $25,000 cash payment and spend $250,000 in the first 12 months after signing.
Based in Toronto, Pamorex is the exploration arm in the Pamour Group of companies. It recently acquired all of the off-mine site exploration properties previously held by Giant Yellowknife Mines (TSE), and Pamour Inc. (TSE).
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