A joint-venture agreement with a company based in Argentina will allow Normabec Mining Resources (ME) to explore for gold in that country.
The agreement will allow Normabec to acquire a 75% undivided interest in an exploration permit for a gold property for US$25,000 and 200,000 Normabec shares. Normabec must also spend US$400,000 on exploration of the property over a 2-year period.
The property covers 4,079 hectares in Santa Cruz province, and is adjacent to the Cerro Vanguardia gold project. That project, which contains 10 million tonnes grading 10 grams gold per tonne and 110 grams silver, is under development.
The deal also gives Normabec a 6-month exclusive option to acquire a 75% undivided interest in three other properties covering an area of 17,504 hectares in Santa Cruz province.
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