Under the terms of the extension, which will expire in April 2002, the company will pay the vendor, a private Guatemalan mining company, US$100,000 in the fourth quarter of 1999 and US$10,000 per month starting in February 2000.
Earlier this year, Aquest completed 3,000 metres of reverse-circulation drilling, identifying intervals of Carlin-style disseminated gold mineralization. That program also revealed additional zones of alteration in a 5-km trend. The company has recommended a second-phase program in order to define resource potential and locate additional targets.
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