NEWS ROUNDUP — Kinross to explore near Timmins

A preliminary option agreement sets the stage for Kinross Gold (K-T) to explore and possibly purchase the Clavos gold property from United Tex-Sol Mines (UTX-A).

To earn its interest, Kinross must spend $3.5 million over three years and make payments totalling $200,000. Once this is completed, the company can acquire the project by paying US$15 per oz. gold when resources are calculated, or paying up to $6 million, whichever is greater. This year, 20,000 metres of drilling are planned, the objective being to establish the gold resource.