A wholly owned subsidiary of Rea Gold (TSE) recently entered an agreement to earn a 50% interest in the Comstock project owned by BMR Gold (TSE).
In order to earn the interest, Rea must spend a total of US$2.5 million on the property near Carson City, Nev.
Rea, the operator, has committed to spending a minimum of US$250,000 to complete drilling on extensions to the main target as well as review BMR’s work and conduct its own feasibility study.
On signing a final agreement, Rea has 60 days to complete the feasibility at which point it must commit to spending the balance of US$2.25 million in order to retain its option.
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