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Eurasian Minerals' exploration lands in Haiti given 'designated project' status by Newmont

Last updated: 23:19 18 Jan 2011 GMT, First published: 00:19 19 Jan 2011 GMT

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Vancouver-based Eurasian Minerals (TSX-V: EMX) said Tuesday that Newmont Ventures, a subsidiary of Newmont Mining (NYSE: NEM), has advanced the two companies' properties under an exploration alliance in Haiti to 'designated project' status.

The properties, formerly under the EMX-NEM strategic venture agreement that has now concluded, will be designated projects and have exploration sole funded and managed by Newmont. The two new designated projects will be Northeast Haiti and North Central Haiti.

Eurasian Minerals controls over 281,000 hectares of prospecting permits along Haiti's prospective Massif du Nord mineral belt. Since 2008, the EMX-NEM joint venture has been exploring in northern Haiti as part of the regional strategic alliance program, which has reported encouraging results from multiple gold, copper, copper-gold and gold-silver prospects.

Newmont and Eurasian also announced today that the Grand Bois Surrounding Properties Joint Venture, Haiti Northwest, and La Miel Designated Project agreements have been amended to include additional lands not covered under the original terms.

This means that Eurasian's exploration properties are now covered under seven designated project agreements, including La Miel, La Mine, Grand Bois, Grand Bois Surrounding Properties JV, Haiti Northwest, Northeast Haiti and North Central Haiti.

Newmont can earn a 70% interest in the new Northeast Haiti and North Central Haiti designated projects by solely funding the first US$10M in venture expenditures within six years from the government issuing mining and exploration licenses. The company can also earn an additional 5% interest in any designated project if Eurasian so chooses.

Eurasian was up 1.2% on Tuesday afternoon to trade at $3.38 as of 1:36pm EST.

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