WESTERN TURKEY – A subsidiary of Vancouver-based TECK COMINCO (TCAM) has agreed to fund US$15 million in exploration on two of FRONTEER DEVELOPMENT GROUP’s gold properties in this country over the next two years. By spending US$10 million at Agi Dagi and US$5 million at Kirazli, TCAM will earn a 60% interest in the deposits. The company may acquire another 10% if it completes additional earn-back requirements.
Fronteer earned 100% interest in Agi Dagi and Kirazli by investing US$7.5 million in discovery-stage exploration over two years. TCAM will become the project operator, but Fronteer will provide technical expertise and ground personnel.
The two deposits may contain more than 2.0 million oz of gold. At Agi Dagi the resource includes 7.8 million tonnes (indicated) at 0.86 g/t Au and 34.7 million tonnes (inferred) at 0.93 g/t Au. The resource at Kirazli includes 5.4 million tonnes (indicated) at 1.40 g/t Au and 17.8 million tonnes (inferred) at 0.98 g/t Au. Both deposits contain substantial amounts of silver as well. The gold zones remain open at both projects and the geological potential to add resources remains positive, according to Fronteer.
More information will be posted in the Newsroom at www.FronteerGroup.com as it becomes available.