Tundra Gold Mines has reached an agreement with NIM and Co. Limited Partnership — 1987 which will provide Tundra with $2.6 million. The cash will be provided on a flow-through share basis.
Tundra will use the money to finance continuing exploration at its optioned Lamaque gold property, held in joint venture with Teck Corp. Based on encouraging surface drill results, the partners plan to continue exploring the large Lamaque holdings from underground. The property surrounds the former producing Lamaque gold mine near Val d’Or, Que. The 1987 program will include 4,000 ft of drifting and crosscutting on the 1,800-ft and 3,200-ft levels and 22,400 ft of underground drilling.
Tundra has the right to earn a 50% interest in a portion of the Lamaque property, excluding the mine, by spending $9 million on exploration over a 3-year option period.
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