Tap’s U.S. subsidiary in Golden Chest venture

British Columbia-based Tap Resources has entered a joint venture project at its Golden Chest project with Newmont Exploration, Golden Chest Inc. and Viking Resources.

Due to B.C. tax laws which allow B.C. corporations to write off around 10% of U.S. exploration expenses. Tap President John Beasley said the agreement is through Tap’s new wholly-owned U.S. subsidiary, Brenda Queen mines.

Nevada-based Brenda Queen mines is capitalized at 10 million shares, at a par value of 1 cents and 100,000 shares of preferred stock at a par value of $1.00.

Beasley said he expects Tap’s joint venture interests in the Golden Chest project to be assigned to Brenda mines within 30 days.