Echo Bay signs deal with Falcon

A land package situated in the heart of Ontario’s Timmins mining camp has caught the eye of Denver-based Echo Bay Mines (ECO-T).

The senior gold producer recently signed an option agreement allowing it to earn an interest in mining rights in Ogden Twp. held by Winnipeg-based International Falcon Resources (ILF-V).

The agreement will form the basis of a joint venture whereby Echo Bay can earn a 70% interest in the 343-acre land package. Falcon will retain a 30% participating equity interest.

To earn its interest, the major must make option payments totaling $40,000 and spend $500,000 on exploration in stages over four years. Work is scheduled to begin immediately.