An underground work program has started on the Madoc, Ont., gold property held under option by Micham Exploration. The $2.3-million program will include a 1,000-ft- long decline ramp extending to a depth of 150 ft and 1,000 ft of drifting.
Micham has the right to earn a 51% interest in the property by spending $2 million on exploration and completing a feasibility study. The property is owned by Mono Gold Mines. Initial funding for the program is being provided by mvp Exploration (1987) Ltd. Partnership via a flow-through share issue. mvp will provide $1.5 million for 1,321,558 Micham common shares.
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