A letter of intent has been signed, allowing Noranda Exploration to earn half of a gold/base-metal property in Bourlamaque Twp. east of Val d’Or, Que., Geomaque Explorations (CDN) reports.
Noranda must spend $1 million on exploration and pay $120,000 to Geomaque during the next four years. It may earn an additional 30% by spending another $800,000 and paying another $100,000 by the fifth anniversary of the agreement.
Geomaque recently completed a $1.7-million financing. Joining the junior as directors are Christopher Jennings and Donald Empey.
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