Holmer Gold trades interest in Quebec copper-gold property

Toronto-based Holmer Gold Mines (ASE) has agreed to exchange its 61% interest in the Quebec Chibougamau copper-gold property for a 55% interest in the Devlin Copper property near Chibougamau, Que., of Les Mines Camchib, formerly Camchib Resources.

In the early 1980s, a ramp and underground development program were carried out on the Devlin property. The property hosts preliminary reserves of one million tons grading 2% copper, including 400,000 tons at 3.2% copper. In other developments, Holmer is negotiating a joint venture agreement with Union Geologo Minera de Cuba, the state-owned mining company, over a number of chromite and base and precious metal properties in Cuba. Under the agreement, Holmer will be the operator and can earn a 50% equity in the properties.