Galleon options BMR ground

A joint venture to explore the Will property near Clearwater, B.C., was formed between Galleon Mining (VSE) and BMR Gold (TSE).

BMR can earn a 100% interest in the property in return for a $5,000 option payment plus future work commitments. Galleon can earn a 49% interest from BMR by funding the first $25,000 in work plus 49% of the remaining $75,000 in 1992 commitments.

Galleon must also issue the vendor of the claims 48,000 shares and contribute 49% of a $20,000 cash payment at the end of the 1992 program. Previous work on the property identified four zones of structurally controlled gold-sulphide mineralization which the two companies plan to evaluate in the spring of 1992.