NUNAVUT Toronto-based TWIN MINING CORP. and KENNECOTT CANADA EXPLORATION of Vancouver have signed a letter of intent to create a joint venture for the exploration of Twin Mining’s Jackson Inlet property on the Brodeur Peninsula. The property has already yielded 50 carats of diamonds, but obviously needs the resources of an international partner to advance exploration.
Kennecott can earn a 56% interest in the property by spending $10 million on exploration and collecting a bulk sample within four years. Kennecott’s share will increase if it funds all the joint venture costs and completes a feasibility study. The agreement also contains complex rules that would shrink Kennecott’s interest if the timeline for work is extended.
Besides the Jackson Inlet property, Twin Mining is exploring its Torngat diamond project in Nunavut and optioned gold properties in Quebec. The company is also preparing a full feasibility study of its 100%-owned Atlanta gold project in Idaho. Visit the web site at www.TwinMining.com.