Ventures buys Alaskan time

Junior Ventures Resource (VRS-V) has re-secured the right to explore 3 million acres of central Alaska.

The company negotiated a 2-year extension to its land holdings with the Alaska native corporation Doyon Limited, while, at the same time, extending its joint-venture agreement with Teck (TEK-T) for the exploration of some of that land.

Ventures signed an agreement with Doyon in June 1996 to explore and develop the 3 million acres. The exploration phase of that agreement was set to expire by 2001; the revised agreement with Doyon extends that phase until 2003. The development phase allows 15 years to construct a mine from each discovery made.

In exchange for the extended exploration period, Ventures granted Doyon a 3% net smelter return royalty on 25,000 acres in the area of Flat, in southeastern Alaska. The claims consist of the Donlin North claims, adjacent to Placer Dome’s Donlin Creek gold deposit. Ventures also agreed to pay Doyon an extra US$150,000 in cash or shares over its annual US$250,000 option payment for each of the next two years.