:
LAMINCO RESOURCES INC. ANNOUNCES JOINT VENTURE
AGREEMENT WITH PLACER DOME
VANCOUVER, Dec. 5 /CNW/ - Laminco Resources Inc. has entered a major
joint venture with Empresa Minera Can Mex S.A. de C.V., an affiliate of Placer
Dome Inc., on a portion of its San Antonio Project in Sonora, Mexico.
On signing a formal agreement, Placer Dome will pay $U.S.600,000 to
Laminco and commit to a minimum work program of $2,000,000 over two years. In
addition, Placer Dome will pay $U.S.800,000 and $U.S.1,600,000 to Laminco at
the end of the first and second years, respectively. On fulfillment of the
obligations and exercise of its option, Placer Dome will earn a 70 percent
interest in a portion of the western part of Laminco's San Antonio Project
area. Placer Dome will operate the new project through its Mexican affiliate
and has committed to carry Laminco through to completion of feasibility. The
area of the new joint venture, which is largely unexplored, encompasses
approximately the western third of Laminco's San Antonio Project land
holdings, and excludes all known reserves and resources.
Laminco indicated that the joint venture with Placer Dome will enable
exploration of this portion of the project lands to advance at an accelerated
rate. Laminco will focus its own efforts on:
1) feasibility and development of its open-pit/heap-leach gold
production potential on the San Antonio lands;
2) advanced exploration and development of its underground gold
production operations on the San Antonio lands;
3) development of an open-pit/heap leach operation at the Luz del Cobre
copper deposit;
4) exploration activities at San Antonio, East Yaqui and Durango, and
5) on new acquisitions.
Laminco Resources Inc. is an emerging growth company developing gold and
base metals projects in Latin America. Laminco recently announced completion
by the Company's consultants of a positive pre-feasibility assessment of the
100 percent owned San Antonio Project where the Company has to date identified
over one million ounces of gold resources and 125 million pounds of
recoverable copper reserves.
For further information: Peter Maynes 1-800-665-6877 |
