Prime Equities drops Johnson River project

Murray Pezim’s flagship, Prime Equities International (VSE), has decided not to earn an interest in the Johnson River gold project in the Cook Inlet region of Alaska.

Earlier this year, the company announced an agreement with Westmin Resources (TSE) to earn 49.9% of Westmin’s interest by spending $8 million on exploration and development by the end of 1995.

The decision not to proceed was made for financial reasons, according to a spokesperson from Prime Equities, who added that a geological review confirmed the technical merits of the project.

At last report, the property hosts a drill-indicated resource of 1.1 million tons averaging 0.3 oz. gold and 0.23 oz. silver per ton, plus 0.76% copper, 8.37% zinc and 1.17% lead. The mineralized zone is still open along strike, and to depth.