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Australia-listed EnviroGold Limited and Novus Gold Corp., which trades on the TSX, have signed a purchase-option agreement concerning Novus Gold’s properties in the Dominican Republic.
The companies signed a letter of intent whereby EnviroGold agrees to invest up to US$10 million to acquire a maximum 50% interest in Novus Gold’s La Paciencia and La Yagua properties. The investment will be used for exploration purposes.
The agreement also gives EnviroGold the right to purchase an additional 10% interest for US$5 million for one year, should the company decide to exercise its 50% buy-in option.
Work carried out in 2009 on the La Yagua property (as reported in Stockwatch press releases dated Aug. 12 and Oct. 8, 2009) outlined a north-south-trending, one-kilometre-long structure represented by gossans containing copper-gold-silver mineralization.
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