Expanding its presence in South America, Consolidated Madison Holdings (VSE) has been able to joint-venture four of its properties.
The junior owns or has under option five properties in each of Brazil and Venezuela, with negotiations pending on several others in Brazil. The company says all its properties have undergone previous small-scale production. In Brazil, Madison is involved in a joint venture with TVX Gold (TSE) on the Pontes e Lacerda property along the Santa Elina gold belt.
TVX is earning a 65% interest in Pontes under an agreement which calls for the senior to fund all exploration costs for a feasibility study. TVX is committed to spending US$1 million this year on exploration work.
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