Friday, 14th January 2005 (2701 views)

McVicar Resources has signed a deal to buy the Shibangou gold property in China.

According to the mining company, it will be acquiring the property in the West Henan province, announcing on Thursday that it had signed a letter of intent with a Chinese agency.

Shibangou is located in China's second-largest gold belt and under their new deal, McVicar can earn an 80 percent stake in the deposit by developing the property. The estimated cost of development is US$500,000 over a three-year period.

The mining company said it hopes to get all the necessary approvals to carry out a due diligence study on the property by April.

 

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