Oneida, Placer Dome in property deal

To earn its full interest, Placer must complete $1.3 million worth of exploration work within three years, and make a number of payments totalling $300,000.

Placer, which will act as project operator, will have the option to acquire up to 500,000 common shares of Oneida over a 3-year period, at various designated prices.

At the end of the option period, Oneida may choose either a 40% interest in the project or a 15% net profits interest.

The Maple Lake property consists of 90 claims and ties on to the western boundary of the Hemlo Gold/Central Crude Eagle River property. The Floa ting Heart property consists of 173 claims and lies immediately south of Maple Lake.

Oneida and Placer are already joint venture partners in the Mexican Hat project in Cochise Cty., Ariz.

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