Unable to raise money in Canada, Wye Resources (CDN) has turned to Eastern Europe for the funding needed to continue exploration on the Saganaga Lake gold property west of Thunder Bay, Ont.
Wye says it has entered into a preliminary agreement with the Geological Company of Krakow, Poland (GCKP), whereby the two will form a joint “stock” company to raise financing for a $3-million, 3-phase exploration program at Saganaga Lake. The joint company would list on the Warsaw Stock Exchange and comply with the Ontario Securities Commission’s regulations. The proposed program includes a total of 70,000 ft. of diamond drilling at the main showing and the recently discovered North zone. Work would begin immediately after the final agreement is signed, Wye says.
A percentage of the state-controlled GCKP, a geological engineering firm, has recently been privatized.
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