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Citadel Gold Mines Inc. announces signing of letter of intent to enter into an option agreement on Sudbury base metal property
Citadel Gold Mines Inc. announces signing of letter of intent to enter into an option agreement on Sudbury base metal property.
About this update from Omai Gold Mines Corp.
[{"type":"text","content":"\n\n\n\n\nTORONTO, Nov. 2 /CNW/ - CITADEL GOLD MINES INC. (CGM.H: NEX Exchange).\nCitadel Gold Mines Inc. announced today that it has signed a letter of intent\nto enter into a formal option agreement with Terex Resources Inc., (TRR-TSXV)\nwhereby Citadel can earn up to a 75% interest in the Massey property located\nin Salter Township, Ontario, about 100 km west of Sudbury.\nThe property consists of about 2,000 acres covering three former\ncopper-producing mines, the Massey mine, the Hermina number 1 mine, and the\nHermina number 3 mine.\nCitadel can earn up a maximum 75% interest in the property by issuing up\nto 1,150,000 common shares, by making cash payments totalling up to $260,000\nand by incurring an aggregate of $1,200,000 in exploration and development\nexpenditures on the property over a 5 year period.\nThe letter of intent also provides for the option for Terex and Citadel\nto associate, on a joint venture basis, for further development of the\nproperty.\nManagement is excited about the potential for the Massey property to host\niron oxide - copper - gold (IOCG) deposits, and looks forward to partnering\nwith Terex to maximize this site's potential.\n\n\n","length":1235,"tagName":"div"}]