Toronto-based
Chris Sennitt, newly appointed vice-president of exploration, has mobilized a team of exploration geologists to the properties, which are held in a joint venture with a wholly owned subsidiary of the Gansu Bureau of Geology Mineral Exploration & Development (BGMED).
Silk Road has a 70% interest in the joint venture and must spend at least US$5 million exploring the properties over the next three years. BGMED has a 30% carried interest that changes into a participating interest once a bankable feasibility study is carried out on any prospect.
The properties cover about 2,000 sq. km in the Gannan Prefecture of Gansu province.
Gansu province has a gold-mining history dating back thousands of years and is known to be prospective for “Carlin-style” deposits.
Silk Road recently added two names to its board of directors: David Peterson, a former premier of Ontario, and Ron Binns, former chief financial officer of Franco-Nevada Mining.
Silk Road says it is planning an “aggressive” exploration program on its land package in China.
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