|February 24, 1997|
New Joint Venture Agreement
|Energold Mining Ltd. announces it has entered into an Agreement with Eldorado Gold Corporation for the joint exploration of a concession, currently under application, in the Dominican Republic. Under the Agreement, Eldorado will hold a 51% interest, pay Energold $2,000,000 and fund 100% of exploration costs to a positive feasibility study.|
In the event of a production decision, Eldorado will provide 100% of the production financing, to be repaid with interest, and will grant Energold a bonus of US $5.00 per ounce of gold if reserves should exceed 2 million ounces.
The Agreement is subject to Board, Regulatory and any other approvals necessary.
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