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Wednesday, 1st July 2009 (4393 views)

Fire River Gold could be set to take over part of Pacific North West Capital after reaching agreement over an option to buy a subsidiary.

The deal relates to Mystery Greek Resources, the assets of which include the Nixon Fork Gold Mine in Alaska.

Fire River revealed that it is paying $50,000 (£30,300) for the option, once the agreement is signed.

If it then chooses to exercise it, a further $450,000 will be paid over six months, in addition to around $2.5 million worth of shares.

The Nixon Fork project originally began in 1995, before being closed two years later. However, limited production started again in 2007 and 6,775 ounces of gold were produced.

Last month, Golden Predator announced it was planning to take over the Ogopogo gold mining site in Alaska from Copper Ridge.

The deal, worth $750,000, also related to three other properties in Yukon, British Columbia and Mexico.

 

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