Friday, 20th June 2008 (555 views)

Paramount Gold Corporation has signed a joint-venture agreement with Garibaldi Resources to expand its property by 17,208 hectares.

The agreement involves 6,657 hectares that was previously discussed in 2006 and 10,543 hectares of new land.

Christopher Crupi, chief executive officer of Paramount, said: "This agreement provides Paramount a strategic piece of significant ground surrounding our flagship San Miguel Project.

We believe that the Guazapares mining district hosts a world class precious metals deposit and this agreement marks one further step toward securing and fully developing the potential of this region."

Paramount now owns over 100,000 hectares of land in the Guazapares mining district, Mexico.

Garibaldi has received an initial payment from Paramount of $100,000 (£50,619) and after giving a further payment of $400,000, 600,000 restricted common shares and spending $700,000 on exploration Paramount will receive a 50 per cent interest in the property.

The company's website states that so far over 35,000 metres have been drilled at the San Miguel project in 175 holes.

 

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