Imco, Sigma Mines joint venture in northwestern Que.

A joint venture agreement to explore and develop 4,396 acres in Maizerets Twp., in northwestern Quebec has been entered by Imco Resources and Sigma Mines (Quebec).

Under the terms of the agreement, Sigma has the right to earn a 60% interest in the property by spending $1.5 million over a period of four years. Should a commercial orebody be found, Sigma will further provide a feasibility study and, if appropriate, a production decision.

At the time of the production decision, Imco can elect to participate in the joint venture by providing 40% of the financing, or if Imco elects not to participate, Imco’s interest will be reduced to 15% of the net profits.

The area of interest surrounds Imco’s undeveloped asbestos ore- body. All rights to the asbestos deposit remain with Imco. Imco changed its name about one year ago from Abitibi Asbestos Mining Co.