Toronto-listed Greenstone Resources has opted to buy a 51% stake in the private Honduran company that controls the San Andres gold project in western Honduras.
As consideration, Greenstone will issue 427,300 shares to Fischer-Watt. The shares are valued at US$700,000.
A previous drill program delineated gold reserves of 570,000 oz. in the Water Tank Hill deposit. In addition, two holes intersected significant gold mineralization in an area known as the Twin Hills.
The company is currently immersed in a second-phase, 2,500-metre program which is focusing on the Twin Hills intersections and on the Oxido Rojo zone. Drilling will also be conducted on the Water Tank Hill zone. Greenstone can acquire an additional 20% of the Honduran company and is negotiating to acquire a further 20%.
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