Giant Yellowknife has plans for Akaitcho

The Akaitcho mine is owned by Supercrest, a private company owned 50.01% by Giant Yellowknife and 49.99% by Akaitcho Yellowknife Gold Mines (TSE). Giant owns 44.5% of Akaitcho.

The Akaitcho mine consists of 26 Crown mining leases immediately adjacent to the producing Giant mine at Yellowknife.

Under the agreement, Supercrest will assign to Giant the right to explore and develop the Akaitcho mine property in return for a net smelter royalty payment of 2% on the first 250,000 oz gold produced, and 3% on output in excess of this amount. The minimum royalty payment will be $100,000.

The agreement is subject to the approval of the directors of Giant and of Akaitcho shareholders.

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