QUEBEC – GOLD BULLION DEVELOPMENT of Vancouver has reached an agreement to purchase the Joe Mann mine from CAMPBELL RESOURCES of Montreal. This underground gold mine 64 km south of Chibougamau has been in production since 1956.
The sale is worth $200,000 (to be paid immediately by Gold Bullion) plus debentures worth $5.1 million. Campbell will retain a 4% NSR and the option to buy back the headframe and hoist if the Joe Mann mine is idled. The arrangement is subject to regulatory approval.
A separate agreement will cover the milling of Joe Mann ore at Campbells Copper Rand mill.
More information about the Joe Mann mine is available at www.CampbellResources.com.