Consolidated Nevada Goldfields (NASDAQ) has a 1-year option to buy the Springs gold property in north-central South Carolina. The vendor is Brewer Gold.
The concession is 1 mile west of the Haile mine, currently being explored by Cyprus-Amax and Piedmont Mining.
Prior work indicates a resource of 1.2 million tons grading 0.045 oz. gold per ton. The estimate is based on trenching and 11,025 ft. of core and reverse circulation drilling in 46 holes.
Consolidated Nevada plans to begin drilling an initial 6,000 ft. on completion of its due diligence review.
The purchase price for the property is US$250,000 (US$25,000 on signing and the balance over 24 months).
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