An option agreement has been signed by American Barrick Resources and Independent Mining Corp. The deal gives Barrick the right to earn a 100% interest in Independent’s 9-claim gold prospect in Harker Twp., east of Matheson, Ont.
Consideration for the right is $150,000 payable by Barrick to Independent and exploration expenditures totalling $1.5 million before Sept 30, 1992. Thereafter, Independent would be reduced to a 3.5% net smelter royalty interest carrying a minimum annual advance royalty payment of $20,000.
The claims are located west of Barrick’s Holt-McDermott project where the company is building a mine scheduled for production next year. Annual gold output will be approximately 100,000 oz.
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