Thursday, 3rd July 2008 (291 views)

Alexandria Minerals Corporation has announced it has signed an agreement with NioGold Mining Corporation to allow NioGold Mining to earn a 50 per cent interest in the Siscoe East property in Val d'Or.

The Siscoe East property in Quebec consists of 61 claims owned by Alexandria Minerals and 37 claims which the company has earned a 70 per cent interest in from NioGold Mining.

NioGold will be able to earn this 50 per cent interest in the 61 claims by giving Alexandria Minerals 650,000 shares in three parts before June 2010 and by spending $750,000 on exploration at the site by the same deadline.

Following the completion of these terms, NioGold will become the joint venture partner of Alexandria Minerals.

In total, the claims cover an area of 2,603 hectares.

Siscoe East is situated between the Sullican mine which has produced 1.2 million ounces of gold and the Siscoe mine which has produced 880,000 ounces of gold.

Last month Alexandria Minerals announced it had intersected 2.25 g/t of gold across six metres at its New Target site in Ontario.

 

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