Tuesday, 24th June 2008 (476 views)

An exploration agreement has been signed between Piedmont Mining Company and Carlin Gold US.

The agreement includes the option to form a joint venture and involves the Willow Creek gold property in Elko County.

Willow Creek covers 480 acres in Nevada and has158 lode claims, bringing the total to nearly six miles along the front of the Snake Mountains.

Exploration surveys are already underway and there will soon be a 5,000 foot drilling programme at the site.

Piedmont Mining said: "This agreement grants to Piedmont the exclusive right to earn a 51 per cent interest in the property ...by completing $3,500,000 (£1.27 million) of exploration work ... within five years of the date of signing."

At the time of signing the agreement, Piedmont paid Carlin $300,000 and has agreed to give 100,000 shares to Carlin.

The deal states the two mining companies will enter into a joint venture agreement when Piedmont earns a 51 per cent interest in Willow Creek.

 

« Back to Gold News stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.