A joint venture agreement on the Bellavista/Montezuma gold property in Costa Rica has been entered with Rayrock Yellowknife Resources, Westlake Resources and Midland Energy Corp.
Under the terms of the agreement, Rayrock has been appointed operator and Rea Gold Corp has resigned as operator.
Rayrock has the right to earn 50% of Midland’s 60% working interest by expending $1.5 million on exploration, development and feasibility studies.
Rayrock has proposed an initial program to complete the existing underground work, extensive bulldozer trenching and drill site proparation on the Bellavista site. Work will also start soon on opening and xploring underground on the Monteuma deposit.
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