Currie Rose Resources entered into a joint venture agreement on January 28, 2009 with Trueclaim Exploration Inc. a Canadian based company.
The former-producing Scadding gold mine and surrounds have been the principal focus of JV partner Trueclaim Exploration. Over the winter, data compilation and preparation for drilling during the spring has been the central focus of activity. Trueclaim has compiled all the historical data and developed a good understanding of the gold mineralization with considerable upside potential recognized at depth.
Trueclaim has earned a 51-per-cent interest in the project, and Currie has a 49-per-cent carried interest through commercial production. Trueclaim has the option to increase its interest to 100 per cent by paying Currie $2-million and retaining a 3-per-cent net smelter return royalty.
For more information on their activities go to their web site: http://northernsphere.com/
Northern Sphere Mining Corp. has entered into a joint venture agreement with Trueclaim Exploration Inc. for a joint venture project on Trueclaim's Scadding gold property.
Under the terms of the agreement, Northern Sphere has earned an 80-per-cent interest in the property and has paid Trueclaim $75,000. Northern Sphere has the right to earn up to a 90-per-cent interest in the property by developing the property into gold production. Northern Sphere may purchase the remaining 10-per-cent interest for a purchase price of $2-million.
The company is working with Trueclaim's mining team to create a plan to develop the property to gold production.
The mine on the property was last in operation in the late 1980s and produced approximately 30,000 ounces of gold from 140,000 tons of ore at a head grade of 7.2 grams per tonne. The mine has an adit in place, power to site and a mine closure plan on the existing tailings.
The company is focused on the development of mining assets, with an emphasis on near-term production opportunities. Management believes that the joint venture and the property are aligned with the company's objectives.