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Tuesday, 23rd December 2008 (1633 views)

Premier Gold Mines has revealed that it has completed its acquisition of the Geraldton, Ozone Creek and Eva Summers mining claims.

The projects, located in the Geraldton district of Ontario, Canada, are collectively known as the G-L Property.

Under the terms of the agreement to purchase the claims, Premier Gold Mines will also acquire certain equipment and other assets related to the claims from Lac Properties.

The contract covers the issue of 500,000 common shares of Premier to Lac, a cash payment of $1 million (£675,600) and a series of other requirements relating to the G-L Property, which is home to a number of past-producing mines.

Premier plans to combine the new properties with its existing Geraldton Project, operated under a joint venture with Roxmark Mines, to create a new Hardrock Project in the Beardmore-Geraldton greenstone belt.

Canadian-based mineral exploration company Premier is focused on the development of gold deposits at its Red Lake, Ontario joint venture properties.

 

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