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Tuesday, 28th April 2009 (686 views)

Pele Mountain Resources has signed a new option agreement with Coventry Resources regarding its Ardeen gold project.

Under the terms of the deal, Coventry Resources, a subsidiary of MQB Ventures, will make an initial payment of CN$25,000 (£14,000) to Pele and an additional CN$75,000 cash on signing a definitive agreement.

By spending CN$1.5 million at Ardeen within 18 months of entering into the definitive agreement, Coventry can earn a 51 per cent interest in the project and may then elect to expand this to 75 per cent through further spending.

Covering over 10,000 acres along the Shebandowan Greenstone Belt west of Thunder Bay, the wholly-owned Ardeen gold project includes the first gold mine in northern Ontario and past drilling by Pele has returned high-grade gold intercepts.

Based in Toronto, Ontario, Pele Mountain Resources has a diverse portfolio of gold and other mining properties in northern Ontario and is listed on the TSX Venture Exchange.

 

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