The vastly experienced team at Goldcliff Resource Corporation () was working on a revolutionary way for investors to tap directly into mining royalty streams (directroyalty.com ) when, to paraphrase president and chief executive officer George Sanders, an irresistible opportunity dropped into its lap.
, which had been doing exploration work on the Pine Grove gold project in Nevada, had run out of cash, giving Goldcliff the opportunity to ride to the rescue.
“We were able to purchase 40% of the drilled resource on the Pine Grove property for $61,000, which is quite a remarkable opportunity,” Sanders told Proactive Investors.
Goldcliff has committed to spending US$1.4mln – a good chunk of which has already been raised - over three years on the project in return for its 40% stake, and that money should be sufficient to get to what Sanders calls “a production decision stage”. The plan is to immediately start a small drilling programme, to reboot operations at Pine Grove.