Newmont, GEXA Reach Deal on Mining Property
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From United Press International
RENO — GEXA Gold Corp. said it entered into an agreement with Newmont Exploration Ltd. under which the company can earn a 50% interest in GEXA Gold’s Rocky Bar property in Elmore County, Ida.
The agreement calls for Newmont Exploration, a subsidiary of Newmont Mining Corp., to spend $1.5 million over five years on exploration and development to get the 50% interest.
Newmont Exploration budgeted a minimum of $200,000 for the exploration in 1989, GEXA said.
Newmont Exploration will manage the property.
