Rio options Green Bay

Rio Algom (ROM-T) can earn a 60% interest in the Green Bay base metal poperty, held by Major General Resources (MGJ-V) in northwestern Newfoundland.

To do so, Rio must spend $3 million on exploration and pay Major General $385,000 in cash over the next five years. The agreement requires that Rio spend $400,000 on exploration and pay $50,000 in cash by the end of 1998.

Situated in the Baie Verte region, the property covers 10,350 ha and is underlain by rock units belonging to the Catcher Pond volcanic formation.

Initial work will include airborne and ground geophysical surveying.