St. Genevieve holds a 27.2% net profits interest in the Manitou deposit which contains an estimated 6.8 million tons of tailings material with an average grade of 0.02 oz gold per ton, 0.34 oz silver, 0.07% copper, 0.07% lead and 0.36% zinc.
Under a proposed agreement, Gold Vessel is scheduled to pay Gold Spinner a number of Class A common shares equivalent to the value of GSI’s interest in the deposit as determined by independent experts.
Gold Vessel shares were trading recently on the Alberta exchange at around 85 cents .
A pre-feasibility report tabled by Montreal consulting firm SNC Inc. is being studied by The Alberta Stock Exchange which must approve the proposed transaction before it goes ahead.
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