Thursday, 19th June 2008 (577 views)

Gold Crest Mines has announced that it has signed a letter of intent with Electrum.

The joint venture is to be carried out through Gold Crest's subsidiary Niagara Mining and Electrum's subsidiary Cougar Gold.

It involves all of the Gold Crest properties in Valley County, Idaho totalling around 4,630 acres.

Cougar may earn up to 60 per cent interest in the properties by spending $4.5 million within four years of signing the agreement.

An extra investment of $4.5 million will increase Cougar's interest by 25 per cent to a total of 85 per cent.

The subsidiary has also agreed to invest $800,000 to buy eight million shares in Gold Crest Mines in two stages, the first will be in June 2008.

Tom Parker, president and chief executive officer for Gold Crest Mines, said: "We are extremely pleased to complete this joint venture agreement with a global exploration company with superior resources."

Gold Crest Mines also has properties in Alaska.

 

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