Denver-based Aspen Exploration (NASDAQ) and Great Basin Exploration of Reno, Nev., have signed an agreement to continue exploration work on the Nome gold joint venture near Nome, Alaska. Aspen is operator with a 70% interest while Great Basin has an option to a 51% interest in two areas of the project by spending $6 million on exploration and bringing the properties into production. During the first two years of the option period, Great Basin is required to spend at least $100,000 in 1990 and $300,000 in 1991.
The recent agreement calls for Great Basin to exercise its option on the two properties by Sept. 1, 1991. Great Basin has already made an initial option payment of $65,000.
If Great Basin chooses to extend its option beyond Feb. 15, 1991, it must pay the joint venture an additional $50,000 for each of the two properties.
Aspen’s other joint venture partner, Tenneco Minerals of Lakewood, Colo., has completed a significant amount of geological mapping, sampling and drilling on the Rock Creek and Anvil Creek properties in the Nome joint venture.
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