Monday, 28th January 2008 (1778 views)

G&S Minerals and Mayan Gold have agreed a proposal that will see G&S Minerals obtain Mayan's El Transito concession in Honduras.

Under the deal, Mayan will obtain a 30 per cent stake in G&S Minerals in return for G&S receiving a 100 per cent in the 423-hectare property.

Initial studies at El Transito indicate the property contains a minimum of 100,000 ounces of proven gold reserves.

As part of the deal, G&S Minerals and Mayan Gold will commission mineral resource studies, followed by feasibility studies to progress development at El Transito.

However, work will not start until the cross investment deal receives the backing of each company's board and shareholders.

According to the firms, a definitive agreement is expected by the end of February.

Honduras is located in Central America, bordering Guatemala to the north, El Salvador to the west and Nicaragua to the south.

 

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