A proposed joint venture agreement is setting the stage for Pacific Century Explorations (VSE) to take on a partner for continued exploration of the Pay Dirt property in northwestern British Columbia. Pacific Century has an option to initially acquire a 50% interest in the property from Consolidated Silver Standard Mines (VSE), a junior controlled by Teck Corp. To earn this interest, the company is required to spend $1.3 million on exploration, pay $125,000 and issue 100,000 of its shares to Silver Standard by March, 1994.
Pacific Century recently entered into an agreement with Ticker Tape Resources (VSE) which would allow the related junior to earn 50% of its interest in the property option by providing $175,000 for exploration this year. The two companies will then share equally any cash and exploration commitments and the value of any further Pacific shares being issued to Consolidated Silver Standard.
At last report, the Pay Dirt property contained preliminary reserves totalling 204,000 tons averaging 0.12 oz. gold per ton.
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