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North Star Gold Project, Carlin Trend, Nevada Earn-in Option & Joint Venture Agreement with Teck Resources Limited
TSX.V: ANE VANCOUVER , Dec. 18, 2013 /CNW/ - Altan Nevada Minerals Limited, TS...
About this update from Helius Minerals Limited
[{"type":"text","content":"\n\n\nTSX.V: ANE\n\n\n\n\n\nVANCOUVER, Dec. 18, 2013 /CNW/ - Altan Nevada Minerals Limited, TSX.V: ANE (\"Altan Nevada\" or the\n \"Company\") is pleased to announce that it has entered into an agreement with a\n wholly owned subsidiary of Teck Resources Limited, Canada's largest\n diversified resources company (\"Teck\"), to further explore the\n Company's North Star Gold Project (the \"Project\") situated on the\n Carlin Trend, northern Nevada , whereby Teck has the option to earn up\n to an undivided 70% interest in the North Star Property (the\n \"Property\") and participate as joint venturers by incurring $5,000,000\n in expenditure on the project (the \"Agreement\").\n\n\nMr Evan Jones, President & CEO of Altan Nevada commented:\n\n\n\"We are delighted to be moving this project forward with a company of\n the caliber of Teck. This independently validates Altan Nevada's view\n that North Star is a compelling target.\n\n\n\"As shareholders will be aware, the ability for junior explorers such as\n Altan Nevada to raise capital to fund a significant drilling program is\n somewhat limited in the current market environment. As such, by\n entering into this agreement, Altan Nevada will be able to participate\n in the drilling of a project that we otherwise may not have been in a\n position to evaluate for some time.\n\n\nWith permitting already in place, drilling at North Star is expected to\n commence towards the middle of 2014. Altan Nevada and Teck will work\n together to finalize drill targets in the intervening period.\n\n\nNorth Star\n\n\nNorth Star is an under-explored gold play situated at the northern end\n of the Carlin Trend, one of the world's major gold districts with\n cumulative gold production to date of in excess of 80 million ounces.\n The project is situated approximately 55 km north-northwest and along\n strike from Barrick Gold Corporation's Goldstrike mine, which has\n cumulative gold production to date of approximately 40 million ounces\n and current proven and probable reserves of approximately 12 million\n ounces.\n\n\nAltan Nevada's interest in the Project, which covers an area of 3,152\n acres, consists of 163 lode mining claims, 44 of which are owned by the\n Company, with the balance held under option from Genesis Gold Corp, a\n Utah Corporation (\"Underlying Option Agreement\").\n\n\nIn 2011, a m...