Irish mining group Minmet said it has signed a letter of intent with a subsidiary of Gold Fields Ltd to explore for gold in the Western Dominican Republic.
Minmet says the area as having significant potential for the discovery of high sulphidation gold-silver deposits similar to Pueblo Viejo as well as large porphyry copper-gold systems in the Dominican Republic (DR).
Gold Fields is to provide $250,000 for an initial six-month programme as its first contribution to the joint venture.
Minmet has been active in the DR since May 2001 and has a significant portfolio in east-central DR. It recently announced the discovery of porphyry copper-gold mineralisation in the El Brujo concession, and gold mineralisation from a new target at Bacco y Ofir.
AFP