Toronto-based Citadel Gold Mines (TSE) has agreed to buy all the shares of Jam-Can Resources, a private company, in exchange for 1.45 million shares of Citadel at 15 cents per share. Jam-Can holds three prospecting licences in Jamaica. They cover 51 square miles including the former Hope mine, which produced lead and zinc in the 1800s. Recent exploration for gold on the property has yielded results of 0.12 oz. gold per ton over 45 ft., and 0.17 oz. gold over 10 ft. in trenches. Citadel intends to drill test Hope property and follow-up geochemical targets on the other licences.
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