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Pamex gains options from Noranda for northwest Ontario gold sites.

Pamex gains options from Noranda for northwest Ontario gold sites

Pamex Resources has gained options on a pair of gold properties in northwestern Ontario.

The company has an option on a 260-claim property located 110 kilometres northeast of Red Lake. The site, currently owned by Noranda, lies along the Swain Lake deformation zone near Birch Lake.

Pamex can obtain a half interest by paying Noranda $65,625 and spending $750,000 on exploration before the end of 1993. If the site goes into production, Noranda has the right to provide senior financing, reducing Pamex's interest to 25 per cent.

The company has also reached an agreement to gain a half interest in the Manitou property near Dryden.

To acquire the interest Pamex must spend $1 million on exploration over the next four years. If the property is brought into production, the owners, Noranda and Golden Trio Minerals, will provide financing, reducing Pamex's interest to 25 per cent.
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Title Annotation:Mining; Pamex Resources
Publication:Northern Ontario Business
Date:Nov 1, 1990
Words:157
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