Silver Century Explorations, an affiliate of Agnico-Eagle Mines (TSE), has concluded an option agreement with two Quebec-based juniors, Explorations Diabior (TSE) and Virginia Gold Mines (ME).
The agreement allows Silver Century to earn a 50% interest in the Auclair gold property in Quebec’s Eastmain greenstone belt.
The Auclair property consists of 92 permits covering a 156-sq.-km area, and is characterized by banded iron formations and several mineralized intrusives.
Till sampling done by Diabior and Virginia yielded gold grain counts in the hundreds.
Under the terms of the agreement, Silver Century must spend $600,000 over a three-year period on exploration of the property. The company must also make cash payments of $40,000 to Diabior and Virginia.
The agreement is subject to approval by regulatory authorities and the boards of directors of the three companies.
In other news, Diabior concluded a $140,000 private placement of shares with 10 subscribers at a price of 40 cents a share. Each share has been issued along with a warrant (expiring September 1, 1996), allowing the subcription of one common share at a price of 52 cents per share.
Virginia has completed a private placement of $245,000 with 13 subscribers at a price of 65 cents per share. Each share has been issued along with a warrant (expiring September 13, 1996) permitting the subscription of one common share for 85 cents.
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