Placer Dome options Dufresnoy property

The deal, subject to regulatory approval, calls for Placer to spend $1.6 million on exploration work on the property and make cash payments totalling $100,000.

The giant gold producer also would purchase 100,000 shares of Dufresnoy at 65 cents each. Placer would also have an option to purchase additional stock: 100,000 shares at $1 each by Aug 31, 1990; 200,000 shares at $1.25 each by Aug 31, 1991; and 200,000 shares at $1.50 each by Aug 31, 1992.

Dufresnoy reports the proposal is subject to a reduction of the 25% net profits royalty belonging to an unidentified third party.

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