Bethlehem, Goldnev join forces to explore prospects near Revelstoke

A recent joint venture agreement between Bethlehem Resources (TSE) and Goldnev Resources (VSE) will provide for ongoing exploration of several prospects in the vicinity of the Goldstream polymetallic mine, near Revelstoke, B.C. The two companies already hold equal interests in the Goldstream mine project. As operator, Bethlehem is continuing discussions with several sources for financing to reopen the former copper-zinc producer.

Goldnev agreed to explore several neighboring exploration prospects under the terms of the recent agreement with Bethlehem. As operator, Goldnev proposes to carry out up to $1 million in exploration expenditures this year. To date, both parties have equally contributed a total of $250,700. Goldnev intends to contribute all remaining expenditures (to a maximum of $749,300) for the rest of the program which will include follow-up diamond drilling of geochemical and geophysical targets.

By March of next year, Bethlehem must provide notice to Goldnev whether it intends to maintain its 50% interest in the claims by matching expenditures made by Goldnev, or by paying its shares of costs in cash or shares, or a combination of both.