The prospect is said to cover Carlin-style geology along the same structural trend which hosts the 1.25-million-ton Golden Butte heap leach deposit being readied for production by Alta Gold (Echo Bay Mines and Silver King Mines). According to Rochester Minerals, previous exploration drilling on the property has shown the presence of ore grade and anomalous gold interce pts.
Billiton can earn its interest by spending $600,000(US) on exploration and making cash payments to the property owners, all over a 3-year period. Upon Billiton earning its interest, Rochester will have the right to maintain a 30% working interest. If Rochester fails to contribute, its interest could be diluted to a minimum 5% net profits royalty.
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