A joint venture agreement has been concluded between Fischer- Watt Gold Company and American Copper and Nickel, a subsidiary of Inco Ltd. (TSE). The agreement involves the exploration and development of seven precious metals properties in Nevada and California all of which were contributed by Fischer-Watt. ACNC can earn a 70% interest in the properties for certain bonus payments and by spending $2.5 million on exploration and development over a 3-year period. After earn-in, ACNC has agreed to advance Fischer-Watt the funds required to maintain its interest in the projects through feasibility. Cash advances would be repaid out of production for any particular project.
Fischer-Watt recently completed a sale lease-back of the 960 acre Mystic mine property in Arizona. The agreement effectively increased the company’s interest in the operation from 25% to 100%. It also received a $300,000 cash payment and additional property considerations.
Drilling has started at the company’s Border mine prospect in Arizona which falls under a joint venture agrement with Manhattan Minerals. An initial 15-hole drill program will attempt to determine the open pit and underground potential of the property.
Be the first to comment on "U.S. REPORT Fischer-Watt concludes pact with subsidiary of Inco Ltd"