Partners revise deal

Partners Pangea Goldfields (PDG-T) and Explorations Minires du Nord (MDN-M) have revised their joint-venture agreement affecting three properties in the Lake Victoria Goldfields district of Tanzania.

The new deal, which has yet to be approved by regulators, gives Minires du Nord 30% and 50% interests, respectively, in the Tulawaka and Mega properties.

The deal also allows the company to boost its interest in the Kangele property to 50% from 30%. To do so, the company must pay US$150,000 in cash by year-end and cover 20% of all exploration costs at Kangele until June 30, 1999.

The overall agreement calls for Minires du Nord to issue 300,000 shares to Pangea at $1 per share and use the proceeds to finance exploration of Tulawaka. An equivalent number of warrants must also be issued, with each exercisable into one share until June 30, 2000, at $1.25.

Under the previous agreement, Minires du Nord could earn half-interests in all three properties by spending US$2 million on exploration before the end of 1999. Pangea is operator of the projects.

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