Drilling is expected to begin in June on the Santa Cruz and Palmichala gold properties near Remedios, Colombia, following an agreement between Montreal-listed companies Continental Resources and Procoloro Resources.
Under the joint-venture agreement, Continental can earn a 45% interest by spending $US1 million over two years. Procoloro will retain a 45% interest in the properties, while Colombian partners will own the remaining 10%.
The adjacent properties, which comprise almost 500 acres in total, are both small-scale gold producers. Continental and Procoloro hope to prove up sufficient reserves to support large-scale production.
The agreement also allows the companies to develop exploration programs on gold-bearing alluvial deposits in the Remedios vicinity.
Be the first to comment on "Continental and Procoloro team up"