EXPLORATION 1999 – Far West teams with Canarc

An agreement between Far West Mining (FWM-A) and a subsidiary of Canarc Resources (CCM-T) sets the stage for the former to earn half-interests in nine properties in Mexico’s Zacatecas and San Luis Potosi states.

Together, the properties cover 485,949 ha considered prospective for the various types of mineralization found throughout northern Mexico. Previous exploration on each consisted of aeromagnetic and geochemical surveying, as well as mapping.

To earn its interest, Far West must spend US$5.5 million on exploration over three years, issue 1 million shares and pay US$500,000 in cash. The agreement is still subject to regulatory approval.