Golden Zone is a pre-feasibility gold project located 135 miles north of Anchorage, Alaska. United Pacific Gold was earning a 50% interest by carrying out a comprehensive work program designed to outline proven reserves containing at least 250,000 oz of gold, to be mined initially from an open pit and then underground.
Hagestad said Golden Zone will continue on its own with 1989 development plans while it considers other potential joint venture participants. But Hagestad hinted that a new agreement might be negotiated with United Pacific Gold.
A spokesman from United Pacific said the company was unable to negotiate with Golden Zone for an extension of the agreement in order to complete a proposed European financing. The company is now evaluating three B.C. projects that may be added to several other mineral properties already in its portfolio. The company is associated with City Resources Ltd. (TSE).
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