An option agreement to earn up to a 70% interest in the Lyndhurst project north of Rouyn-Noranda, Que., from Globex Mining Enterprises (ME) has been signed by Noranda Exploration, a unit of Noranda (TSE).
The project, which includes a former copper producer and a land package covering the mine site and about eight miles of strike extension, is about 20 miles from the Horne smelter.
Noranda may earn a 50% interest by spending $1.7 million on exploration work during a 5-year period and making cash payments totalling $390,000. To earn an extra 20% interest, Noranda must spend an additional $1.3 million on exploration by the end of the sixth year and make a $300,000 cash payment.
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