A new option agreement covering the Raq tailings project in Chile would give Pacific Galleon Mining (VSE) a 100% interest in the project.
The option agreement is with a private investment group which acquired the interest of former third partner Exploraciones Rio Bravo, a private company in Santiago.
Rio Bravo says that under the original agreement, it is entitled to US$400,000 worth of Galleon shares.
The Raq project will involve treatment of more than 5 million tonnes of tailings containing copper, gold, silver, cobalt and magnetite. Galleon says it may acquire additional tailings in the area totaling 1.5 million tonnes and averaging 1.7 grams gold per tonne.
Rio Bravo says it has taken back the adjacent Apolo exploration project.
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