BRYN Resources finalizes the form of a Letter of Intent with Cayenne Gold Mines Ltdadmin
Bryn Resources Inc announce that it has finalized the form of a Letter of Intent with Cayenne Gold Mines Ltd. which it will sign today detailing the parameters within which it may enter into a Joint Venture Agreement (J.V.) with Cayenne to commence and complete a bulk sampling extraction from Cayenne’s Windflower Property near Revelstoke British Colombia in the Kootenay Mining Division of B.C.
The parties have undertaken to work together to formulate and finalize the J.V. within 60 days of today so that an initial sampling of 10,000 tons of rock can be completed. Historical samplings, on this area of the Windflower Property, have yielded results reflecting no less than 0.5 ounces of gold per ton of sample.
Once the initial sampling is financed by Bryn Resources and concluded pursuant to the J.V. Bryn Resources will have earned a 45% interest in the 14 contiguous Crown granted mineral claims (subject to a 2.5% net smelter return royalty) in which Cayenne holds a 100% ownership interest.
Bryn Resources views the re-focusing of its corporate efforts to British Colombia in an area of proven reserves as a forward looking business venture that will increase the shareholder value of it’s stock. Bryn Resources continues to seek other proven mineralized properties and expects to expand its relationship with Cayenne in British Colombia.