Glamis Gold options Aquiline’s Jojoba project in N.W. Mexico

Drilling is planned for La Jojoba, a property in Mexico’s Sonora state.

Glamis Gold (TSE) will fund the work under an option to earn a 75% interest from Aquiline Resources (VSE).

Glamis must also pay US$2.3 million to Aquiline and the underlying vendor, as well as fund the property to the delivery of a positive feasibility study and production decision by April, 1997.

Aquiline’s underlying agreement with the property vendor gives it a 100% interest in Jojoba in return for payments totaling US$2 million over 30 months.

Previous work identified zones of gold mineralization which require follow-up drilling.

Glamis also has a 60% interest in Aquiline’s Cieneguita gold deposit in Mexico’s Chihuahua state. An operating and development plan is now in place for the heap-leach project. Drill indicated reserves are 3.6 million tonnes grading 1.7 grams gold per tonne.