Two Montreal-based mining companies are planning to team up to build a producing mine at the Bellechasse-Timmins gold deposit in Quebec's Beauce region.
Uragold Bay Resources Inc. (
TSX:V.UBR,
Stock Forum) will be able to earn up to a 50 per cent interest in the project under a letter of intent signed with
Golden Hope Mines Ltd. (
TSX:V.GNH,
Stock Forum).
BRB will be responsible for obtaining all required permits, approvals and documentation associated with going into production, in return for a 30% stake in Bellechasse-Timmins,
Golden Hope said in a press release.
UBR can raise its interest to 50% by providing the financing needed to bring the mine into production.