Gold News

Sutter Gold and Premier Gold sign joint exploration venture

Sutter Gold Mining and Premier Gold Mining have this week announced the signing of a Joint Venture Agreement (JVA), formalizing a letter of intent from March this year.

As a result of the JVA, the two companies will jointly explore Sutter's Santa Teresa mineral concession, found in the El Alamo District of Baja California Norte, Mexico.

Steve McGibbon, COO of Premier, said: "The venture is in ongoing discussions with experienced core drilling contractors in Mexico. We anticipate starting the drill program during September 2007. Both parties are extremely anxious to see what lies beneath the shallow water table in the district as, historically, miners chasing the highly enriched veins from the surface quit mining once they hit this water table."

Hal Herron, president of Sutter Gold, added: "Premier's experience in the Red Lake District of north-west Ontario and Sutter's experience in the Mother Lode District of California makes this venture extremely well-suited to exploring the high grade gold potential of the El Alamo District."

The venture includes funding to begin immediate exploration of the project and Premier has been made the official operator.

Both parties are excited about the possibilities associated with the venture, partly because it is located within a proved gold district, with historic mined grades of between one and two ounces per ton.

It has also been observed that the area has geologic characteristics that are similar to the "prolific" Mother Lode Gold District of California.


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