LATIN AMERICA — Joint venture to explore in Uruguay

A joint venture involving Santa Fe Pacific Minerals, Gold Standard (PSE) and Big Pony Gold (NASDAQ) will explore for gold in Uruguay.

Gold Standard and its 50% owned subsidiary Big Pony, both based in Salt Lake City, have been active in Uruguay since 1987. The agreement with gold producer Santa Fe, a division of NYSE-listed Santa Fe Pacific Corp., contains an area of interest provision covering about one-third of the country of Uruguay, Gold Standard says.

Gold Standard and Big Pony report acquiring mineral rights to about 500,000 acres in southwest Uruguay during the past five years. Of those holdings, 118,000 acres became part of a joint venture with, initially, Bond Gold, and currently American Resources, which announced a production startup this year, Gold Standard says. The balance of the holdings (382,000 acres) makes up the venture with Santa Fe.