St. Genevieve will pay Pamorex $500,000. The Montreal-based company will also pay Pamorex a 2% net smelter return on the property. St. Genevieve shall be entitled to any precious metals recovered from the property from the first 25,000 tons of bulk sampling work carried out during the payment term.
The Granada property hosts a former gold-producing mine from the 1930s. Development includes a 775-ft shaft, incline shaft and lateral workings on 11 levels.
An exploration program consisting of surface and underground drilling and costing almost $600,000 is planned. St. Genevieve and Kewagama Gold Mines (Quebec) (ME), which holds the other 50% interest in the mine, will split the cost of the work.
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