Thursday, 18th November 2004 (2511 views)

King's Bay Gold Corp has revealed that it is to enter a joint venture with Richview Resources on its Headway (Red Lake) property.

Through the new venture, King's Bay has received a $500,000 lump sum payment and Richview will be able to earn a 45 per cent interest in the property.

The site is situated immediately adjacent to the richest gold mine in the world -Goldcorp's Red Lake mine.

Exploration on the site in the past has revealed a host of high-grade gold values and drilling programmes by the firm have also discovered a number of gold prospects.

The site is said to be one of the best-positioned exploration land packages within the whole area.

Another joint venture between the two firms has also been agreed, with drilling currently taking place at the Pickle Lake project.

 

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