Ampliacion Pueblo Viejo, Loma El Mate & Loma Hueca Projects |
| Dominican Republic |
| The Ampliacion Pueblo Viejo concession is adjacent and to the north of Barrick's large Pueblo Viejo project, where reportedly, 14 million ounces of gold has been identified. Linear has joint ventured this project to Everton Resources, wherein Everton has been granted an option to earn an initial 50% interest by making cash payments totaling US$700,000, incurring expenditures of US$2.5 million and issuing Linear 1.2 million Everton common shares over a three year period. Upon reaching a 50% interest, Everton has an option to increase its ownership to 65% by incurring all expenses to the completion of a bankable feasibility study, and paying Linear an additional US$2.0 million and 1.0 million Everton common shares. Loma El Mate is joint ventured with Everton Resources Inc., wherein Everton has acquired a 50% interest in the property by funding and completing two years of exploration. Everton has been granted the option to increase its ownership by incurring all additional expenditures to the completion of a bankable feasibility study. The Loma Hueca concession consists of the eastern margin of the Cumani Concession and the western margin of the Loma Lovaton concession previously explored by MIM. Work at Cumani indicated stream sediment anomalies and soil anomalies in the Rio La Savita drainage area. Soil sampling , trenching and drilling were undertaken on the Cumani target without significant grades being encountered, however weak soil gold anomalies and increasing arsenic and antimony values on the eastern margin of the target were never followed up. |