An option agreement has been signed between Amberquest Resources (ME) and Pilot Plant Inc., which gives Amberquest the right to earn a 70% interest in Pilot’s 160-acre gold property in Nevada. To acquire its interest, Amberquest must pay US$35,000 within 30 days and spend US$150,000 over a 3-month period to finance a bulk testing pilot plant operation. The work is designed to substantiate assay results and determine the feasibility of extracting precious metals, including gold in the operation. If the test results show average gold grades of 0.24 oz. gold per ton for three consecutive days, then Amberquest must also issue 200,000 shares to Pilot Plant.
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