Chetwynd buys interest in granite property

An agreement has been reached allowing Chetwynd Resources (CDN) to buy a 25% interest in privately owned Positano Granite Products.

Positano holds seven claims near Sudbury, Ont., which contain a granite deposit with estimated reserves of 348 million cubic feet of dimensional stone. The granite, known as “Dalmatian stone,” has unique black and white coloring which makes it sought after as a decorative material. The site has been prepared at a cost of $500,000 and quarrying is to begin next spring.

Chetwynd will buy its interest by issuing common treasury shares. The transaction has yet to be approved by regulators and shareholders.