Resource News
Sino Gold acquires option over Caijiagou project
By resourceINTEL · August 13, 2009 · 6:26 am · Leave a Comment
SINO Gold has entered into an option agreement to buy the Caijiagou Gold project in China’s northeast Liaoning Province.
Caijiagou is a small open-pit mine and a new processing plant, with an exploration license.
Sino will initially pay vendor and new joint venture partner Beipiao Huifeng Enterprises Group an initial $US300,000, and Sino has the option to buy 70 per cent of Caijiagou for $US7.9 million within 12 months, and acquire a further 25 per cent for $US4.4 million within two years.
“We have negotiated a low-cost option over a small gold mining operation with strong gold mineralisation and numerous indications that a larger mineralised system is likely to be present,”…read more at The Australian
