Mono seeks funds for gold property

The Vancouver-based company has been exploring the property since 1984, but has yet to come up with an economic deposit.

The property hosts a small high- grade gold deposit that was the subject of an earlier underground exploration program funded by Micham Explorations (VSE).

Mono President Desmond Harrison says his company has recently concluded an agreement to buy back Micham’s 51% interest in the project for $2.5 million, subject to regulatory approval. A $50,000 payment has already been made, according to Harrison.

The company’s consultant has recommended more drifting and raising toward a high-grade gold zone not explored by the previous joint venture.

The program is estimated to cost $587,450 for the first phase and $1.19 million for the second stage. Mono is endeavouring to raise the necessary funds and has made initial filings in California as well as with the U.S. Securities and Exchange Commission.

The company’s shares have traded at a low of 12 cents recently on the Vancouver Stock Exchange.

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