Wednesday, 26th September 2007 (1931 views)

Columbus has entered into an agreement with Ventura regarding Columbus's Del Oro property, located in Pershing County, Nevada.

The terms of the agreement will allow Ventura the option to earn 51 per cent interest in the Del Oro property once it invests $2 million (£990,000) into work expenditures to be completed over a five-year period.

Ventura will also be expected to make a cash or common share payment of $50,000 to Columbus to receive its interest in the property, which is part of Nevada's famed Goldbanks mining district.

Following the payment and work expenditures, Ventura can opt to further increase its interest in the property to a total of 70 per cent if it recommends production from the Del Oro property upon completion of a positive feasibility study.

According to Columbus, the 1,200 acre Del Oro property was the site of former exploration in the 1980s and 1990s and consists of 59 mineral claims.

Ventura Gold is currently exploring properties in Spain, as well as in the American states of Arizona and Nevada.

 

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