A joint venture has been signed between Abcourt Mines and Gestion Consulta of Val d’Or whereby the latter has undertaken to raise $7 million in two stages during the next two years for exploration work on properties in northwestern Quebec.
The funds will be spent on the Vendome-Barvallee property which consists of 27 contiguous claims in Fiedmont and Barraute Twps. and on a group of 19 contiguous claims belonging to the Abcourt-Barvue property also in Barraute Twp.
In phase 1, Gestion Consulta may earn an undivided 25% interest by spending $1 million on exploration work and by remitting $3 million to Abcourt which in turn will spend this amount on underground work on the Vendome- Barvallee property.
In phase 2, Gestion Consulta will earn an additional undivided 25% interest by spending $800,000 in surface exploration work and by providing $2.2 million for Abcourt to continue the underground exploration of the Vendome-Barvallee property.
Gestion Consulta will manage the surface exploration work whereas Abcourt will be in charge of all underground work. The agreement is subject to shareholder and regulatory authority approval.
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