Placer, Major General form joint venture for Yukon work

An agreement-in-principle between Placer Dome (TSE) and Major General Resources (VSE) will provide for the formation of a joint venture to explore an area of about 20,000 sq. km in north-central Yukon. The property was explored in the past for base metals, primarily copper. Major General’s contribution to earn a 25% interest in the joint venture will be its extensive regional geological data library developed during 1974-1977. It includes soil and silt samples, geochemical surveys and various geophysical surveys.

Placer Dome’s initial contribution to earn a 75% interest in the joint venture consists of a $50,000 cash payment to Major General, optional database evaluation expenditures and an exploration commitment of $250,000 on each claim group acquired during the 3-year period following the staking date.

All exploration expenditures thereafter will be borne 25% by Major General and 75% by Placer Dome. The joint venture is subject to the execution of a definitive agreement and regulatory approval.