Terra Mines and Goldrich Resources have signed an agreement which gives Terra the right to earn a 51% interest in properties held by Goldrich in the West Kootenay area of British Columbia. The deal includes the Bayonne property and the former Goldbelt mine. The Goldbelt mine, which is located in an area known as the Sheep Creek mining camp, produced gold until 1981. Historically it has produced 736,015 oz gold and 364,793 oz silver from 1,721,580 tons of ore.
Under the agreement, Terra can earn its interest in the properties by expending $1 million on a 2-phase exploration program. The first phase, to be completed by Dec 31, provides for expenditures of up to $500,000. Phase two will be undertaken if results of phase 1 are favorable. Upon earning the 51% interest, Terra and Goldrich will continue exploration and development of the properties through a joint venture arrangement which provides that Terra will be the operator.
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