Two deals between junior explorers and Cambior (CBJ-T, CBJ-X) give the gold producer a land package in the La Grande volcanic belt in the James Bay area of Quebec.
One option deal, with Azimut Exploration (AZM-V, AZMTF-O), gives Cambior the right to earn a half-interest in Azimut’s Comptoir property, about 100 km west of the Goldcorp (G-T, GG-N) deposit at lonore discovered by Virginia Gold Mines. Comptoir is a 415-sq.-km land package on the contact between the La Grande volcanic belt and the Opinaca gneiss belt to the south.
Cambior must spend $3.2 million on exploration over five years, with an initial commitment of $200,000. Azimut gets $30,000 in cash on signing, and another $240,000 over the next five years. Cambior can also move to a 65% interest by providing a final feasibility study, which would trigger additional cash payments to Azimut.
North of lonore, Eloro Resources (ELO-V, ELRRF-O) has optioned three properties to Cambior. Cambior can earn a 50% interest in the Sakami East, Lemoyne North, and Taiga properties, three claim blocks near the main east-west road servicing the James Bay power project.
Cambior is obliged to spend $2 million to earn its interest by the end of June 2010. The first year would see spending of $300,000.
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