Currie Rose Resources (TSXV: CUI) announced that given current market conditions, private companies 0704723 BC LTD and 0811662 BC LTD have agreed to amend the original terms of the option agreements related to the Rossland gold project in British Columbia.
Under the revised terms, the companies have agreed to reduce the exploration expenditure to $500,000 from $750,000 for Stage 2 and have further agreed to remove the issue of all remaining Currie Rose shares (8 million shares) in exchange for increased cash payments of $125,000 on the 2nd anniversary per company; $150,000 on the 3rd anniversary per company; and $175,000 on the 4th anniversary per company.
Historical records identify significant molybdenite, zinc and cobalt
mineralisation within the Rossland camp
“The revised terms will give all parties greater flexibility into the future and we look forward to fruitful exploration in the near term,” Michael Griffiths, Currie’s president and CEO, said in a media statement. “We identify the project as an advanced brownfield opportunity with little co-ordinated modern exploration due to previous fragmented claim ownership. The recent work by Currie has identified significant geophysical anomalies along strike from the historic gold mines as well as other underexplored vein gold targets.”
The 2,000-hectare Rossland gold project is situated 10 kilometres west from the Trail Zinc Smelter in south-central British Columbia.
The land package surrounds most of the Rossland mines that produced more than 2.7 million ounces of gold, 3.5 million ounces of silver and 71,000 tonnes of copper between 1894 and 1941 and ranks as the third-largest lode gold camp in the western Canadian province.
The post Currie Rose reduces exploration expenditure for Rossland gold project appeared first on MINING.COM.