A letter of intent has been signed between companies in the Rockford Group and Gold Vessel Resources (ASE). Members of the Rockford Group include Rockford Minerals (TSE), Northfield Minerals (ASE) and Northern Ranger Minerals (TSE).
Gold Vessel will have the right to acquire a 24% interest in the Rockford Group’s joint venture near Larder Lake, Ont., by spending $15 million on exploration. Golden Shield Resources holds a 63.5% interest in the project with the remainder held by the Rockford companies.
Gold Vessel can earn its interest by spending the cash over a 3 year period. A total of $5 million must be spent in 1988 which will earn the company 8%. An additional expenditure of $10 million during the next two years will earn the company another 16% interest.
The deal is subject to Gold Vessel being able to complete a public financing in Canada and the execution of a formal agreement between the parties.
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