Platinova/ Cominco in U.S. gold play

Platinova Resources, a private company which is a wholly-owned subsidiary of Toronto-listed Black Hawk Mining has entered into an agreement with Cominco American, a wholly-owned subsidiary of Cominco Ltd.

Under the terms of the agreement, Platinova may earn a 45% interest in a “major gold exploration program in the U.S.” by funding $5 million(US) of exploration and development expenditures.

Platinova is committed to an expenditure of $700,000 this year and has the option to earn a 40% interest in the project through expenditures of $3 million or may elect to fund a further $2 million to earn a further 5% interest.

The project will be managed by Cominco. Under the terms of the agreement with Cominco American, further information on the property, such as location, cannot be released until later this year, explains Robert Gannicott, president of Platinova.