Ottawa-based China Clipper Gold Mines (CXX-A) has signed a memorandum of understanding with the East China bureau of the Metallurgical Industry Ministry concerning three early-stage gold properties in the Anhui province.
China Clipper will send an independent consultant to China in February to evaluate the prospects. Once the report is received, China Clipper will conclude a co-operative agreement with the East China Geoexploration Bureau with a view to conducting exploration activities in the second half of 1997.
Clipper has already received a report from Kilborn Engineering Pacific on a project in Shaanxi province and on another in Jilin province.
Annual production from the two projects is estimated at 86,000 oz. gold, and both are scheduled to start up in 1998.
The junior plans to invest in a mine, mill and roasting-leaching plant in the fourth quarter.
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