Toronto-listed William Resources has entered into a 50-50 joint venture with Brazilian Resources (CDN) to acquire and develop precious metal and diamond properties in Brazil.
The partners will investigate projects that can be put into production relatively quickly. Not included in the joint venture are properties currently owned by Brazilian Resources.
Brazilian has agreed to lend the joint venture US$1.5 million. The firm will be paid a 4% net smelter royalty in addition to any money made by the partnership.
The joint venture has secured an option on a 4,448-acre gold property with proven and probable gold reserves of more than 300,000 oz. The deposit is close to surface and amenable to heap leaching. A feasibility study has indicated that a mine producing 17,000 oz. gold per annum could be constructed and put into production within eight months. A due diligence review of the property is under way.
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