After three years of inactivity, Minco Mining & Metals (VSE) is reasserting itself with a view towards gold exploration in China and elsewhere overseas.
The junior recently evaluated several properties in China, where more relaxed regulations are attracting foreign-based exploration companies.
“The Chinese have the technical ability [to carry out mineral exploration], but lack the money,” says newly elected President Colin McAleenan. “There are major deposits over there waiting for joint ventures.”
Representatives of Minco will next visit the Chapuzi gold deposit in Sichuan province. A possible joint-venture opportunity, the deposit contains about 2.7 million tonnes grading 2.86 grams gold per ton, which is equivalent to 7.7 tonnes of gold (248,000 oz.).
A due diligence review will be financed by means of a nonbrokered private placement of 500,000 shares at $1 each.
The company has also been examining data from properties in South America, Africa and Eastern Europe.
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