Montana-based Western States Minerals dropped its option to earn a 60% interest in the Commonwealth property in Cochise Cty., Ariz., from DRX Minerals (NASDAQ).
The company says it dropped the property because of the recent gold price trend, and also cited its property investment requirements under the option deal.
In order to earn the interest, the company was required to fund the project to final feasibility as well as purchase up to three million shares of DRX at prices of 10-25 cents.
Following recent drilling on the property, DRX estimates preliminary reserves at about 9 million tons grading 0.024 oz. gold and 1.50 oz. silver per ton. DRX is currently evaluating alternatives to continue the development of the property.
Be the first to comment on "U.S. REPORT (March 30, 1992)"