Petro defaults at Blackdome

The deal is off between Petro Plus (PPV.A-A) and the owners of the Blackdome mine project, a former gold producer near Clinton, B.C.

Petro Plus defaulted in making two payments totalling $1.4 million as part of its agreement to acquire a half interest in the project. Petro-Plus had sold a 25% interest to a private Alberta company for $2 million, but that compay defaulted in making the payment, which left Petro Plus unable to make its payments to mine owner Claimstaker Resources (CLN-V).

Claimstaker says it is reviewing alternative sources of financing to bring Blackdome into production.