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Friday, 14th January 2005 (4320 views)

McVicar Resources has signed a deal to buy the Shibangou gold property in China.<br/><br/>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.<br/><br/>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.<br/><br/>The mining company said it hopes to get all the necessary approvals to carry out a due diligence study on the property by April.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=7564845"/>

 

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