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Wednesday, 18th March 2009 (1752 views)

Radisson Mining Resources has revealed that it has signed a non-binding memorandum of understanding with Sydney-based AusCan Gold.

Under the terms of the agreement, the Australian firm will provide C$25 million (£14.1 million) over around three years to fund work on an underground bulk sample at the 36 East Zone of Radisson's wholly-owned O'Brien mine property.

If work is completed on schedule, AusCan will earn a 50 per cent interest in the project in the Cadillac Mining Camp in Quebec and a binding, definitive agreement is planned between the two parties for May 1st 2009.

Canadian company Radisson Mining Resources stated that the purpose of the proposed bulk sample programme is to access upper portions of the 36 East Zone and prove the continuity and grade of known gold bearing structures.

The firm's management expect that the underground bulk sample on the project will "prove to be similar in recovered grade of gold to the original O'Brien Mine".

Based in Rouyn-Noranda, Quebec, Radisson Mining Resources is an exploration business specialising in metals discovery in north-western Quebec and north-western Ontario and its properties include the O'Brien mine prospect in the Abitibi gold belt.

 

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