The Nugget Pond gold property on Newfoundland’s Baie Verte peninsula has been purchased by Noveder (ME), which has, in turn, signed a joint-venture agreement with Richmont Mines (TSE) on the property.
Richmont will have a 60% undivided interest; Noveder’s will be 40%. Richmont will also act as operator and provide the necessary financing.
Shortly before signing with Richmont, Noveder had acquired Nugget Pond from Bitech (ASE) for $1.2 million and the issuance of 2.9 million common shares of Noveder.
Probable reserves are estimated at 454,000 tonnes grading 12.68 grams gold per tonne. The partners intend to carry out a feasibility study and, if warranted, put the property into production.
Be the first to comment on "Nugget Pond gold project sold"