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The terms provide for a joint regional exploration program of the Los Ranchos and Maimon Formations including certain exploration concessions and optional earn-in rights held by Energold and IMPACT via their Dominican subsidiaries in Central and Eastern Dominican Republic.
The Los Ranchos Formation, which extends for some 100 kilometers in the central eastern part of the island of Hispaniola, is host to the Pueblo Viejo gold deposit. Pueblo Viejo is the world's second largest high sulphidation district after Yanacocha in northern Peru. The global unmined resource is greater than 30 Moz Au and 200 Moz Ag.
The Agreement commits E&D to an expenditure of at least US$150,000 over a six month period, upon completion of which E&D has the right to select up to 30,000 hectares from the Energold and IMPACT holdings and earn 51% interest in them by making specified exploration expenditures on each concession it selects over a two year period. E&D is project manager with Minera Hispaniola, S.A. providing logistical services to the venture.
In anticipation of the respective board and regulatory approvals, E&D has initiated its' work on the project with field work commencing this week.
Also during April the Commission established by the Government of the Dominican Republic to privatize the fiscal mineral reserves awarded the large exploration concession directly west of Pueblo Viejo (Ampliacion Pueblo Viejo) to the Newmont Gold Company. Ampliacion Pueblo Viejo and Pueblo Viejo are directly north of Energold's Longyear concession. At Longyear, Energold with 1,222 meters of drilling has defined an inferred oxide hosted resource of 160,000 ounces of gold with an average grade of just over 1 g/t.
On behalf of the Directors of Energold Mining Ltd.
& IMPACT Minerals International Inc.
Frederic W. Davidson
Director
For further information please contact:
Walter Selmer or Fred Davidson
The CDNX has neither approved nor disapproved this news release.
