Wallbridge Mining Co. Ltd. said Oct. 17 that it secured an option to acquire the Beschefer gold project in Quebec from Excellon Resources Inc.'s Lateegra Gold Corp. unit.

Beschefer is an advanced gold exploration property covering 647 hectares in the Northern Abitibi Greenstone Belt, and is located about 30 kilometers southwest of Wallbridge's Fenelon gold project.

Wallbridge is required to issue a total of 7 million shares and spend C$4.5 million in exploration over a three-year period from signing to acquire the project.

Exploring nearby properties such as Beschefer will increase Wallbridge's footprint in the region and supports the future assessment of a potential central processing plant, President and CEO Marz Kord said.

The company began ramp development and drilling at Fenelon in June.