After completing a due diligence review, Crown Resources (VSE) has dropped its option to acquire a package of properties and equipment from Nevada Goldfields (TSE). The transaction was valued at about US$4 million and would have resulted in Crown acquiring four Nevada exploration and mining properties as well as a 600-ton-per- day mill.
Crown had intended to pool the Goldfield properties and a number of Crown properties in the area with the mill, and then joint venture the package to a third party.
Mark Jones, president of Crown, said his company determined that the capital required was more than anticipated and did not represent a good investment for Crown.
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