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MT. GRANT MINES LTD. AND CARSON GOLD CORP. ANNOUNCE FORMATION OF VENEZUELAN JOINT VENTURE

 VANCOUVER, British Columbia, Jan. 5 /PRNewswire/ -- Mt. Grant Mines Ltd. (Vancouver: MTM) and Carson Gold Corp. (Vancouver: CQG) announce that they have today entered into an agreement to form a 60/40 joint venture to explore and exploit the mineral rights to certain gold concessions Carson has acquired or is in the process of acquiring which are located in the Kilometer 88 area of Bolivar State, Venezuela.
 Carson will contribute its interest in the mineral rights to the concessions and Mt. Grant will assume Carson's property payment commitments. In addition, Mt. Grant will provide the monies necessary for exploring and developing the concessions and to provide a feasibility study. Following completion of the feasibility study and a production decision, Mt. Grant will arrange third party financing for the project, in consideration for which its equity interest will increase to 70 percent.
 Carson announced that it has agreed to a brokered private placement of its securities which will consist of the sale of 500,000 units at $1.25 per unit, with Yorkton Securities Inc. Each unit consists of one common share and one two-year non-transferable share purchase warrant with each such share purchase warrant entitling the holders to purchase one additional common share of Carson for $1.25 during the first year of the warrant and for $1.45 during the second year of the warrant. The proceeds from the private placement will be used for general working capital.
 Carson also announced that it has entered into a Fiscal Agency Agreement with Yorkton Securities Inc. In connection with the Fiscal Agency Agreement, Carson has agreed to issue 100,000 two-year share purchase warrants to Yorkton Securities Inc. to purchase 100,000 shares at a price of $1.50 per share during the first year of the warrant and $1.75 during the second year of the warrant.
 The transactions are subject to regulatory approval.
 The common shares of Mt. Grant Mines Ltd. trade on the Vancouver Stock Exchange.
 The common shares of Carson Gold Corp. trade on the Vancouver Stock Exchange.
 -0- 1/5/93
 /CONTACT: Robert L. Cook, president, Mt. Grant Mines Ltd., 604- 688-7166; or P. Randy Reifel, president, Carson Gold Corp., 604-731-1094/
 (MTM. CQG.)


CO: Mt. Grant Mines Ltd.; Carson Gold Corp. ST: British Columbia IN: MNG SU: JVN

JB -- LA031 -- 1975 01/05/93 19:45 EST
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Publication:PR Newswire
Date:Jan 5, 1993
Words:391
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