The terms of a deal between Royal Oak Mines and Pelangio Larder Lake Mines were incorrectly stated in the article “Exall, Glimmer cut ribbon on Ontario Gold Project” (T.N.M., Nov. 11/96).
In the Nighthawk Lake area, east of Timmins, Ont., Royal Oak will earn a 70% interest in Pelangio’s Mord property by spending a total of $150,000 in the form of banked assessment credits from contiguous Royal Oak ground, new exploration work, and option payments to be paid over five years.
Pelangio will retain a 30% working interest following the earn-in. Royal Oak must maintain the property in good standing over those five years and spend a minimum of $10,000 in new work during the first two years.
Paul Coad
Chief Geologist, Eastern Canada Exploration
Royal Oak Mines
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